ORLANDO, FL— Sept. 7, 2010— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing in the amount of $4,530,000 for AT&T Wireless, Flamingo West Apartments and Mims Warehouse.
Doug Rozzell, (top right photo) Company Principal, secured $1,400,000 in construction financing for AT&T Wireless on August 10, 2010, through Thomas D. Wood and Company’s relationship with a regional bank.
The construction loan is six months, with an interest rate of LIBOR + 325 basis points, with a floor rate of 4%. The construction loan will be followed by a 60-month mini-permanent loan.
The loan-to-value is 70% and loan-to-cost is 85%. The 3,545 square-foot single-tenant retail building was originally built in 1996 for KFC and loan proceeds were used to renovate into a AT&T Wireless store which will occupy the building for an initial term of 10 years. The property is located at 534 River Highway, Mooresville, North Carolina.The borrower refinanced the former CMBS loan into permanent loan with a term of 10 years, based on a 25-year amortization and an interest rate of 7.25%. The loan-to-value is 70%. The 72-unit multi-family complex was built in 1972, and is located at 3707 W. Idlewild Circle, Tampa, Florida.
The loan has a term of three years, based on a 25-year amortization and an interest rate of 6.5%. The loan-to-value is 70%. The 18,800 square-foot warehouse is home to major tenant Fuel Tech, Inc. Mims Warehouse is located at 2680 Highway 1, Mims, Florida.
For further information, please contact:
Doug Rozzell (407) 937-0470 drozzell@tdwood.com
John Worrell (407) 937-0470 jworrell@tdwood.com
Jessica Kinnee (407) 937-0470 jkinnee@tdwood.com
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