Advantage closes $13.5m loan for shopping centers.Advantage Title, Inc. announced that it issued a lender's title insurance policy for $13.5 million in connection with the blanket refinance of four shopping centers located in Nassau and Suffolk Counties in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . The transaction closed in late December 2004. The four properties, including Staples Plaza, located in North Babylon; CompUSA Plaza, located in Hauppauge; 196 East Main Street in Patchogue and 2501 Hempstead Turnpike in East Meadow, represent approximately 180,000-sq. ft. of retail space. Additional tenants at these properties also include Burlington Coat Factory Burlington Coat Factory Warehouse Corporation is a national department store retailer focusing on clothing and shoes, with over 360 stores in 42 states (as of 2006). In early 2007, the first location to be opened in Canada will be at the Vaughan Mills mall in Toronto. , Party City and other retailers. The new blanket mortgage Blanket Mortgage A mortgage that covers at least two pieces of real estate as collateral for the same mortgage. , issued by General Electric Capital Corporation, replaced previous financing by the Dime Savings Bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. . "With the increasing due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. for securitized and defeasance transactions, we are always facing new challenges. There is a need to adapt to national title standards to facilitate transactions at the local level," said Felix Tschanz, Chief Underwriting Counsel at Advantage Title. "In the past, most commercial loans were closed at the table with local attorneys. Now attorneys and lenders are located throughout the country" added Michael Licitra, Vice President of Business Development at Advantage. "We've been able to offer the additional services our national clients require to help the local economy grow." Theodore Daniels, Esq., whose offices are located in Boca Raton, Florida Boca Raton ("bōkə rə-tōn") is a city in Palm Beach County, Florida incorporated in May 1925. As of the 2000 census, the city had a total population of 74,764; the 2006 population recorded by the U.S. Census Bureau was 86,396. , represented the owners of the four shopping centers. "Without the assistance of Advantage Title, this matter would not have come to the successful conclusion it did. They were not only able to deliver the product our lender needed, but did so in an extremely professional manner," Mr. Daniels said. All four properties are managed by the Phoenix Organization, which brought the transaction team together. |
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