SARASOTA, FL—Aug. 3, 2011— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing in the amount of $19,925,000 for Vista Palms Shopping Center, Dale Mabry Palms, and Dollar General Kissimmee.
The Orlando office of Thomas D. Wood and Company secured financing for Vista Palms Shopping Center in the amount of $17,350,000 with Aviva Life and Annuity. The fully-amortizing permanent loan has a term of 20 years, based on an interest rate of 5.49%. The loan-to-value is 75%.
The borrower wanted to refinance into a fully-leveraged permanent loan. The 160,000 square-foot retail center is home to major tenants Kohl’s, Walgreens, McDonalds, Staples and AT&T, and is located at the southeast corner of Narcoossee Road and Lee Vista Boulevard, Orlando, Florida.
Brad Cox (top right photo), CCIM, CPM, Company Vice President, secured financing for Dale Mabry Palms in the amount of $1,375,000 through Thomas D. Wood and Company’s relationship with The Standard Life Insurance Company. The permanent loan has a term of three years, based on a 25-year amortization and an interest rate of 5.5%.
The interest rate will reset every three years. The loan-to-value is 61%. The borrower wanted a low interest rate and a short term for the period during which the property is being stabilized. The 40-unit multi-family complex was built in 1987 and completely remodeled in 2010, and is located at 5901-5921 S. Dale Mabry Highway, Tampa, Florida.
Joe Dear (middle left photo), Company Vice President, secured financing for Dollar General in the amount of $1,200,000 through Thomas D. Wood and Company’s relationship with a national lender. The fully-amortizing, non-recourse loan has a term of 15 years, based on an interest rate of 5.73%. The loan-to-value is 75% and loan-to-cost is 70%.
The borrower needed a long-term fixed-rate loan to take out a construction loan on a recently completed Dollar General store, as he plans to hold the asset as a long term investment. The 9,100 square-foot single-tenant retail store was built in 2011 at 2220 Michigan Avenue, Kissimmee, Florida.
The website may be accessed through www.tdwood.com.
For further information, please contact:
Brad Cox, CCIM, CPM (941) 552-9731, bcox@tdwood.com
Joe Dear, (407) 937-0470, jdear@tdwood.com
Jessica Kinnee, (407) 937-0470, jkinnee@tdwood.com
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