AFC arranges industrial deal.AFC (1) (Application Foundation Classes) A class library from Microsoft that provides an application framework and graphics, graphical user interface (GUI) and multimedia routines for Java programmers. Realty Capital has arranged $17.2 million in first mortgage and mezzanine financing Mezzanine Financing A hybrid of debt and equity financing. Mezzanine financing is typically used to finance the expansion of existing companies, and it is basically debt capital that gives the lender the rights to convert to an ownership or equity interest in the company if the for a 188,000 square-foot industrial building in Norwood, Massachusetts Norwood is a town and census-designated place in Norfolk County, Massachusetts, USA. As of the 2000 census, the population was 28,587. The community was named after Norwood, England. . The financing was arranged on behalf of Home Market Foods (HMF HMF abbr. Her (or His) Majesty's Forces ) which used the funds to acquire and perform improvements to the property located at 140 Morgan Drive, according to Adam Horowitz, an Associate Managing Director for the Manhattan-based boutique real estate investment bank. Home Market Foods occupies 113,000 square-feet in the building which the company utilizes as its main headquarter head·quar·ter v. head·quar·tered, head·quar·ter·ing, head·quar·ters Usage Problem v.tr. To provide with headquarters: facility. Maintenance Warehouse/America Corp., a wholly-owned subsidiary of The Home Depot, currently leases the remaining space. The ten-year term loan was originated and placed by Mr. Horowitz with Wachovia Securities and an institutional mezzanine lender. "Because Home Market Foods was an owner-occupant tenant with no credit history and the property's special use as a warehouse, storage/ food processing facility and office space, lenders were initially hesitant to complete financing for the building," Mr. Horowitz points out. "However, by utilizing innovative financing techniques, we not only found a lender willing to finance the property, but also structured a loan which was extremely beneficial to both parties." Home Market Foods has exercised its option to purchase the property for $13 million. The company has also invested $9 million to develop a state-of-the-art cold storage facility. The total cost to acquire and upgrade the facility is more than $20 million. Situated approximately one-quarter mile southeast of Route 1, the building is located in an established office and industrial park in one of the most important manufacturing, residential, wholesale and retail trade centers south of Boston. Home Market Foods is a leading national provider of fully-cooked frozen meats to retail and food service providers. AFC Realty Capital is an innovative real estate investment banking firm specializing in debt and equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. , investment, development, and consulting/ advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal . The firm has been instrumental, both in a principal and advisory capacity, in financing, investment and development transactions aggregating in excess of $5 billion. |
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion