Monday, May 16, 2011
ORLANDO, FL, May 16, 2011— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing in the amount of $2,574,600 for Dollar General and Manuel Lindiakos, PA.
Joe Dear (top right photo), Company Vice President, secured financing for Dollar General through Thomas D. Wood and Company’s relationship with a local bank in the amount of $1,250,000.
The construction/mini-permanent loan has a term of three years, the first 12 months are interest-only, based on a 20-year amortization. The interest rate is Prime + 1%, with a floor of 4.25%.
The loan-to-value is 75% and loan-to-cost is 80%. The borrower needed a construction loan for a build-to-suit single-tenant retail facility. The 9,100 square-foot retail building will be built on 0.92 acres in Orlando, Florida.