CaPmark arranges $26m Mobile loan.Capmark Finance Inc. has provided $26,500,000 in floating-rate, interim financing Interim financing A short-term loan made to a company on the condition that a takeout will follow with long-term or intermediate financing. interim financing The financing that supports a transaction until permanent financing can be arranged. for Festival at Mobile, a 485,000 s/f regional shopping center in Mobile, Ala. Vice president David M. Fishier of the New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. office of Capmark Finance originated the loan. Mobile Fesitval Centre, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control is the borrower. Owned by a joint venture between Kimco and GE Commercial Finance, Festival at Mobile is located on a 53.5acre tract at 3725 Airport Boulevard. Based on its excellent location and large site plan, the site offers substantial redevelopment opportunity. Kimco is a NYSE-listed REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). concentrated solely on the ownership and management of regional shopping centers throughout the United States, Canada and Mexico. According to Fishier, "Capmark Finance has provided numerous fixed-rate loans to Kimco and related entities; however, this transaction represents the first floating-rate structured loan provided to a Kimco and GE Commercial Finance venture." The interest-only loan Interest-only loan A loan in which payment of principal is deferred and interest payments are the only current obligation. has a three-year term with two, one-year extension options. Proceeds from the loan enabled the partners to recapitalize their joint venture and provided additional funds for the future redevelopment of the property. "Capmark Finance knows Kimco's business, and we offered the best pricing on this loan," said Fishler. "We look forward to working with them again as further opportunities arise." |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion