Done Deals: Thomas D. Wood and Company’s Sarasota, FL Office Secures $9,185,000 in Commercial Mortgage Transactions

Sunday, June 15, 2014

Thomas D. Wood and Company’s Sarasota, FL Office Secures $9,185,000 in Commercial Mortgage Transactions

Brad Cox

Sarasota, FL – The Sarasota Office of Thomas D. Wood Company, a Strategic Alliance Mortgage LLC member, secured $9,185,000 in commercial mortgage transactions for properties throughout the state of Florida.

Interest rates continue to stay as low as 4.0%, contributing to the increase in successful closings.

Senior Vice President Brad Cox, CCIM, accepted the challenge in securing financing in the amount of $1,100,000 for the Affordable Secure Self Storage in Hudson, Florida.

The borrower wanted to refinance a loan that he used to purchase the self-storage facility from a distressed seller in 2012, and he wanted to include as collateral the adjacent property, which he was under contract to purchase for expansion purposes.

Cox arranged permanent financing for the borrower with a three-year fixed rate and a 25-year amortization, at a very favorable interest rate of 4.25%.

Cox secured financing for the Temple Terrace Business Center in Temple Terrace, Florida, in the amount of $1,200,000 through Thomas D. Wood and Company’s correspondent relationship with Symetra Life Insurance Company.

For his refinance, the borrower needed to close on a specific day to satisfy the terms of his existing mortgage. Cox structured a loan with a fixed rate of 5.05%, based on a 15-year term and 20-year amortization.

Days Inn, Fort Myers, FL

Cox obtained financing for the Days Inn Hotel and Tiki Bar in Fort Myers, Florida, through Thomas D. Wood and Company’s correspondent relationship with The Standard, in the amount of $1,925,000.

The permanent fixed-rate loan has a term of 15 years with a 15-year amortization.

Cox secured financing from The Standard for Plymouth and Regal Shopping Centers, a 70,000 square-foot retail property in Fort Myers, Florida, in the amount of $4,300,000. The permanent fixed-rate loan has a term of 15 years with a 15-year amortization.

Cox also secured financing from The Standard for Palm River Business Park, a 22,500 square-foot industrial/flex property in Tampa, Florida, in the amount of $660,000. The permanent fixed-rate loan has a term of 15 years with a 15-year amortization.