ORLANDO, FL, Jan. 12, 2011— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing in the amount of $7,500,000 for the International Outlet Shopping Center (top left map) and the Gallery Center (middle right photo).
Doug Rozzell (lower left photo), Company Principal, secured financing for the International Outlet Shopping Center through Thomas D. Wood and Company’s relationship with a national bank in the amount of $4,500,000.
The borrowers were refinancing a property in which the loan was maturing, as well as recouping equity that was used for improvements to the shopping center.
The mini-permanent loan has an interest rate of 30-day LIBOR + 3.35% with no floor. The loan-to-value is 70%.
The 32,423 square-foot unanchored retail center was built in 1985 and is home to major tenant Factory Brand Shoes. International Outlet Shopping Center is located at 5532 International Drive, Orlando, Florida.
Joe Dear (lower right photo), Company Vice President, secured financing for the Gallery Center through Thomas D. Wood and Company’s correspondent relationship with The Standard Life Insurance Company in the amount of $3,000,000. The borrower wanted to refinance into a self-liquidating loan as he did not want to have to refinance the property again in the future. The fully-amortizing loan has a term of 15 years, based on an interest rate of 6.25%.
For further information, please contact:
Doug Rozzell, (407) 937-0470, drozzell@tdwood.com
Joe Dear, (407) 937-0470, jdear@tdwood.com
Jessica Kinnee, (407) 937-0470, jkinnee@tdwood.com
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