Sources of Financing
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Sources of Financing

MacKenzie Capital, LLC (410-494-4886) arranged the joint venture/equity financing for Silo Point, a $128 million mixed-use project consisting of 229 residential units and 25,000 sq.ft. of retail space in Baltimore, MD.

Meridian Capital Group, LLC (212-612-0165) arranged a $51 million construction loan for The Crescent Club, a luxury condominium development with ground-floor retail space in Long Island City, NY on Crescent Street. The company negotiated on behalf of NCF Equities, LLC to secure a rate of LIBOR+220 over a 24-month term. The company also arranged the $6.1 million financing for a 14,390 sq.ft. Duane Reade on North Central Avenue in Hartsdale, NY. The company negotiated a rate of 5.89% over a 10-year term with five years at interest-only.

Five Star Financial Corp. (513-486-0011) has $2.5 billion available for new construction financing. The company is offering construction loans from $20 million to $40 million, but can fund loans from $5 million to $100 million. Five Star Financial will offer up to 80% LTC with rates of LIBOR + 200 or Prime +1-1.5. The company wants to exhaust its funds by the end of year.

Hudson Realty Capital, LLC (212-532-3553) provided a $22.45 million first mortgage bridge loan for a 2.11-acre parcel in Philadelphia, PA. The loan will be used for existing debt, pre-development costs and to purchase the interest of an equity partner. The mixed-use project is located at the intersection of Vine Street and 16th Street and will feature a retail component of 126,700 sq.ft. Construction is slated to begin this year.

Sterling Commercial Capital, LLC (203-366-0320) offers short-term bridge loans of $1 million to $20 million. The company will provide financing in the continental U.S. for hard-to-finance multi- or single-tenant, select special-purpose, income-producing commercial real estate properties for acquisition or refinancing. The company’s loans are non-recourse or full recourse depending on the transaction and carry terms of 12, 18 or 24 months.

Ilmarin Financial Services, LLC (954-759-4544) offers funding of $5 million to $100 million for multi-tenanted properties in the U.S. The company offers a debt coverage ratio of 1.25 and up to 80 loan-to-value with senior debt. Amortization is between 20 and 30 years.

Corona Capital, LLC (401-419-6507) has $1 million to $200 million in financing available for real estate purchases and land acquisitions and development. The company offers 80% LTC on condo conversions and development projects.