Sarasota, FL—Sept. 15, 2011— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing in the amount of $1,700,000 for Keystone Courtyard (bottom right photo) and Family Dollar.Brad Cox (top right photo), CCIM, CPM, Company Vice President, secured financing for Keystone Courtyard in the amount of $1,000,000 through Thomas D. Wood and Company’s correspondent relationship with The Standard Life Insurance Company.
The permanent fully-amortizing, full-recourse loan has a term of 20 years, based on an interest rate of 6.375%. The loan-to-value is 60%. The borrowers, who purchased the apartment building out of a foreclosure, remodeled it and rented it up, and wanted to refinance their current short-term debt with permanent financing.
The 28,000 square-foot multi-family complex was built in 1972 and remodeled in 2010, and is located at 3719 Ohio Avenue, Tampa, Florida.
Cox also secured financing for Family Dollar in the amount of $700,000 through The Standard Life Insurance Company. The full-recourse loan has a term of 10 years, based on 25 years and an interest rate of 6.25%. The loan-to-value is 62%.
The borrower wanted to purchase a Family Dollar that was under construction and to find a lender willing to be flexible regarding the closing date. The 8,320 square-foot single-tenant retail building was built in 2011, and is located at 1120 Red Bank Road, Goose Creek, South Carolina.
The company’s website may be accessed through www.tdwood.com.
For further information, please contact:
Brad Cox, CCIM, CPM (941) 552-9731, bcox@tdwood.com
Jessica Kinnee, (407) 937-0470, jkinnee@tdwood.com
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