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| Patrick Harrington |
Miami, FL – May 8, 2014 –Thomas D. Wood and Company, a
Strategic Alliance Mortgage LLC member, secured financing in the amount of
$14,250,000 for University Centre West III and Shoppes of Palm Bay.
Patrick Harrington, Vice President, secured
$10,750,000 to refinance University Centre West III, a mixed-use development
containing Class A office space over retail.
Challenges included
the fact that the leases for all three major tenants (representing 42% of the
property) expire in the near term, and the borrower also wanted to remove a
large rear parking area from the collateral.
The permanent fixed-rate loan was secured through CMBS lender, LoanCore
Capital, featuring a 10/25 structure at 5.42% interest and representing a 70%
LTV.
The 83,936 square-foot mixed-use
development was built in 2001 and is located at 2702-2788 University Drive,
Coral Springs, Florida.
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| Thomas Wood Jr. |
Thomas Wood, Jr., President, secured $3,500,000 for
the refinance of Shoppes of Palm Bay, a Publix-anchored retail center, through
Thomas D. Wood and Company’s correspondent relationship with Woodmen of the
World Life Insurance Society.
He combined efforts with Strategic Alliance Mortgage LLC
member Pinnacle Financial Group. Since
Publix’s lease expires during the loan term, Wood had to find a lender that
would underwrite around this issue.
Due to the favorable historical operating
income and the centers favorable location, the lender was able to provide a
permanent fixed-rate loan with a term of 10 years, based on a 25-year
amortization and an interest rate of 4.45%.
The 76,886 square-foot shopping center contains major
tenants Publix and Tire Kingdom, and is located at 1150 Malabar Road SE, Palm
Bay, Florida.
For a complete copy of the company’s news release, please
contact:
Jessica Kinnee
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