Monday, May 2, 2011
Orlando, FL, May 2, 2011— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing in the amount of $2,440,000 for Hunter’s Creek Commons and Creighton Commons.
Joe Dear (top right photo), Company Vice President, secured financing for Hunter’s Creek Commons through Thomas D. Wood and Company’s relationship with a national life insurance company in the amount of $1,000,000.
The fully-amortizing loan has a term of 15 years, with an interest rate of 5.91%. The loan-to-value is 50%. The borrower wanted to refinance his current loan into a non-recourse, fixed-rate loan.
The 8,400 square-foot retail center was built in 2000, and is home to major tenants Starbucks and Super Cuts. Hunter’s Creek Commons is located at 13851 S. John Young Parkway, Orlando, Florida.
John Worrell (lower left photo), Company Assistant Vice President, secured financing for Creighton Commons through Thomas D. Wood and Company’s relationship with a local bank in the amount of $1,440,000.
The bridge loan has a five-year term, based on a 20-year amortization and an interest rate of 5%. The loan-to-value is 65% of stabilized value, and loan-to-cost is 80%.
The borrower purchased the retail center at a discount, and needed a bridge loan to acquire the property and implement a leasing and management strategy in order to add value, and then sell or refinance with permanent debt.
The 23,760 square-foot shadow-anchored retail center was built in 2003 and is home to major tenants Game Stop, Sally Beauty, and Citi Financial. Creighton Commons is located at 2620 Creighton Road, Pensacola, Florida.
For further information, please contact:
Joe Dear, (407) 937-0470, firstname.lastname@example.org
John Worrell, (407) 937-0470, email@example.com
Jessica Kinnee, (407) 937-0470, firstname.lastname@example.org
The website may be accessed through http://www.tdwood.com/