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Sources of Financing
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Sources of Financing BMC Capital (214-526-7178) closed on an acquisition loan of $2.75 million for three Jiffy Lube stores located in Morgantown, Beckley and Huntington, WV. The loans have a 10-year fixed rate, an amortization of 25 years and a CLTV of 75%. The company also provided $1.45 million in mortgage financing for the acquisition of Continental Plaza, an 8,100 sq.ft. center located on North Industrial Boulevard in Dallas, TX. The center is tenanted by Diamond Shamrock. The loan has a fixed interest rate of 6% with an amortization of 30 years.
Countrywide Commercial Real Estate Finance (818-225-3000) closed a loan for $320 million to finance the acquisition of a pool of six regional malls throughout the southeastern U.S. by General Properties Trust, Babcock & Brown and Colonial Properties Trust, including four fixed-rate loans and two floating-rate loans. Malls in the deal included: Colonial Bel-Air, a 1.33 million sq.ft. mall located in Mobile, AL; Colonial Mall, a 450,000 sq.ft. mall located in Greenville, NC; Colonial Mall Glynn Place, a 507,000 sq.ft. mall located in Brunswick, GA; Colonial Mall Valdosta, a 400,000 sq.ft. mall located in Valdosta, GA; Colonial Myrtle Beach, a 525,000 sq.ft. mall located in Myrtle Beach, SC and Colonial University Village, a 525,000 sq.ft. center located in Auburn, AL.
Across America Real Estate Corp. (303-893-1003) partners with national retailers and developers to provide 100% project funding for retail expansion. The company focuses on small box retail and single pad sites. The company launched a Broker Referral Program, where brokers can partner with the company by referring them to a retail developer and national retail contacts in need of 100% project funding with the broker receiving the final property listing. The new concept allows commercial brokers the opportunity to connect Across America as a financial resource with new retail development partners. In return, Across America offers a referral bonus, the ability to add value to a clients’ business and the property listing for sale.
Cornerstone Commercial Mortgage (702-385-2658) offers commercial real estate financing from $500,000 and up. The company can close within five to seven days, prefers A and B properties, a 10% to 12% rate, LTV of 65% to 75%, with exceptions to 85%, two points plus broker points, and a three-month term. The company also offers acquisition, development and construction loans up to $200 million. Loans are also offered for multi-family, mixed-use, office, industrial, retail, hotel/motel, land use and special purposes. The company has funded over $350 million since 2003.
Martin Capital Group, LLC (270-527-5382) is offering interest-only commercial mortgage loans from $5 million and up. The loans are for the acquisition and refinancing of single assets or multiple-property portfolios, retail, office, multi-family, industrial, self-storage and mobile home parks. Loans terms range from five to seven years or 10 years for loans of $15 million or more on Class A assets. The interest rates are fixed and competitive, with a DSCR of 1.20 and a maximum LTV of 80%.
Strathmore Development Co. (517-664-4137) closed on a $120 million real estate construction credit facility for the Lower Town project in Ann Arbor, MI. The mixed-use project is located adjacent to the University of Michigan Health System Medical Campus. The project is currently 81% preleased. Completion is slated for September 2008.
CFO Capital Partners (315-633-9653) offers floating rate bridge loans, fixed-rate mezzanine loans, developer joint venture financing in Mexico, hard money, land financing, equity for commercial and residential development and mortgage sale/acquisition financing. The bridge loans are for commercial and multifamily properties, while the fixed rate loans are for commercial and multifamily properties.
Cronheim Mortgage Corp. (973-635-6800) secured financing of $15.85 million for Shadowwood Square, a 221,747 sq.ft. center located in Boca Raton, FL. The property is located at the intersection of U.S. 441 and Glades Road and is anchored by Walgreens, Bed Bath & Beyond, Borders, Regal Cinemas and Stein Mart. The loan was structured with a 15-year term amortized over 30 years and carried an interest rate priced at 95 basis points over the 13-year U.S. Treasury. |