MIAMI, FL, June 20, 2011— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing in the amount of $3,800,000 for Point East Office, the Residences at Grand, Canal and Linhart, and Dollar General.
Steve Wood (top right photo), Company Chief Operating Officer, along with Cooper Willis of Capital Advisors, secured financing for the Point East Office Complex in the amount of $1,515,000 through Thomas D. Wood and Company’s correspondent relationship with The Standard Life Insurance Company.
The fully-amortizing, fixed-rate loan has a term of 15 years, based on an interest rate of 6.50%. The loan-to-value is 57.3%. The borrower refinanced the loan to secure a fixed-rate mortgage and pull out some equity. The 35,039 square-foot office complex was built in 1983, 1984 and 2000, and is located at 1631, 1633 and 1637 E. Vine Street, Kissimmee, Florida.
Brad Cox (middle left photo), CCIM, CPM, Company Vice President, secured financing for the Residences at Grand, Canal and Linhart in the amount of $1,050,000 through Thomas D. Wood and Company’s correspondent relationship The Standard Life Insurance Company.
The fixed-rate loan has a term of 20 years, based on a 25-year amortization and an interest rate of 6.75%. The loan-to-value is 60%. The borrower need to refinance a short-term loan as soon as possible.
The 53-unit multi-family complex was built in 1959, 1973 and 1978, and completely remodeled in 2010. The Residences at Grand, Canal and Linhart are located in Fort Myers, Florida.
Joe Dear (lower right photo), Company Vice President, secured financing for Dollar General in the amount of $1,235,000 through Thomas D. Wood and Company’s relationship with a regional bank.
The construction/mini-perm loan has a term of five years, based on a 25-year amortization. The first six months are interest-only, and the interest rate is 30-day LIBOR + 3.25%, floor of 4.0%. The loan-to-value is 75%, and loan-to-cost is 77%. The 9,014 square-foot single-tenant retail store will be built on 1.45 acres in St. Petersburg, Florida.
The website may be accessed through www.tdwood.com
For further information, please contact:
Steve Wood, (305) 447-7820, swood@tdwood.com
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
No comments:
Post a Comment