FINOVA Realty Capital.On behalf of a New Jersey area developer, FINOVA Realty Capital has arranged four separate loans totaling $67.6 million to refinance Refinance 1. When a business or person revises their payment schedule for repaying debt. 2. Replacing an older loan with a new loan offering better terms. Notes: When a business refinances they typically extend the maturity date. a seven property portfolio in Warren and Franklin Township Franklin Township is the name of many places in the United States: Indiana
The financing was structured as three long-term permanent mortgages based on a term of ten years with a 30 year amortization and a fourth in the form of a LIBOR-based floating-rate, short-term, interest-only loan Interest-only loan A loan in which payment of principal is deferred and interest payments are the only current obligation. to allow for tenant lease up. The largest of the three permanent loans, $23.1 million, was secured by three office/warehouse/R&D buildings. A $22 million loan was secured by two multi-tenant R&D buildings and the third loan for $12.6 million was secured by a 140,000 square-foot single-tenant office/warehouse/R&D building. A $9.7 million loan is being used as 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 a 102,000 square-foot office/ warehouse building. Collectively, the portfolio totals 800,000 square feet. |
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