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.
Doug Rozzell (middle left photo), Company Principal, secured financing for Manuel Lindiakos, PA, through Thomas D. Wood and Company’s relationship with a local bank in the amount of $1,324,600. The fully-amortizing loan has a term of 20 years, based on an interest rate of 4.95% for the office and 6.75% for the land. The loan-to-value is 80% on the office and 50% on the land. The borrower had two loans mature and was able to refinance into one new loan.
The 8,595 square-foot office building was built in 1985 and is located at 222 E. Tarpon Avenue; the 9.05 acres of land on the loan are located at 625-631 Jasmine Avenue, Tarpon Springs, Florida.
For further information, please contact:
Joe Dear, (407) 937-0470, jdear@tdwood.com
Doug Rozzell, (407) 937-0470, drozzell@tdwood.com
Jessica Kinnee, (407) 937-0470, jkinnee@tdwood.com
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