Hudson, FL Retail Properties Get $2.66M Loan

ORLANDO, FL--Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing in the amount of $2,665,000 for a 7-Eleven Convenience Store and Dorman Crossings Anchored Retail Center.


Brad Cox, (top right photo)  CCIM, CPM, Company Vice President, secured $1,200,000 in financing for the 7-Eleven Convenience Store and Service Station on May 28, 2010, through Thomas D. Wood and Company’s relationship with a regional bank.

The full-recourse loan has an interest rate of 6.375%, fixed for the first three years, changing to 300 basis points over the three-year LIBOR for the next three years, based on a 25-year amortization.

The loan-to-value is 65%. The 2,940 square-foot retail store and service station was built in 1999, and is located at 18934 US Highway 19, Hudson, Florida.

Doug Rozzell, (middle left photo) Company Principal, secured $1,465,000 in financing for Dorman Crossings on June 1, 2010, through Thomas D. Wood and Company’s relationship with a regional bank. The construction/mini-perm loan has an interest rate of LIBOR + 300 basis points with a floor of 4.0%.

The first 12 months are interest-only, followed by a 36-month mini-perm, based on a 25-year amortization. The loan-to-value is 75% and loan-to-cost is 85%.

Construction will begin on the 9,833 square-foot retail center in 2010, and it will be home to major tenants Vitamin Shoppe and Mattress Firm. Dorman Crossings is located at 1501 W. Ozell Boulevard, Spartanburg, South Carolina.

For further information, please contact:

Brad Cox, CCIM, CPM (941) 552-9731 bcox@tdwood.com
Doug Rozzell (407) 937-0470 drozzell@tdwood.com
Jessica Kinnee (407) 937-0470 jkinnee@tdwood.com