Four Long Island loan transactions show new capital sources for owners.Four assignments recently completed by M. Robert Goldman & Company, Inc. are vivid illustrations of a recent trend for owner-occupants to turn to new capital sources to obtain funds to refinance, construct or acquire properties. Financial providers, including insurance companies, pension funds and credit companies, are supplementing the role once held by local banks, due in large part to their ability to offer long-term, fixed rate non-recourse loans in transactions not linked to other business operations Business operations are those activities involved in the running of a business for the purpose of producing value for the stakeholders. Compare business processes. The outcome of business operations is the harvesting of value from assets . Local banks were traditionally the primary capital source for business owners hoping to secure funds for real estate transactions. The downside has always been that once an owner-occupant receives financing from a bank, that transaction becomes linked with all business operations. Obtaining financing from a lender looking only to the real estate as collateral allows the business to expand and borrow freely without any restrictive covenants Restrictive covenants Provisions that place constraints on the operations of borrowers, such as restrictions on working capital, fixed assets, future borrowing, and payment of dividends. . Two of the transactions were placed with Fortis (now Assurant) on behalf of Marchon Eyewear Marchon Eyewear is a United States-based manufacturer and distributor of eyewear. Founded in 1983, the company's portfolio includes several licensed brands in addition to its own house brands. , Inc.,. They included a $5 million refinancing covering a 99,100 s/f industrial/office facility at 35 Hub Drive and a $1.875 million loan for a 39,720 s/f warehouse and office building located at 50 Hub Drive. MRG MRG Merge MRG Minority Rights Group International MRG Mad River Glen (Vermont) MRG Mouvement des Radicaux de Gauche (French: Left Radical Movement) MRG Manyetik Rezonans Görüntüleme also arranged financing totaling $7.35 million with GE Asset Management on behalf of GE Life & Annuity for two industrial/office buildings in Port Washington Port Washington, uninc. town (1990 pop. 15,387), Nassau co., SE N.Y., a suburb of New York City, on the north shore of Long Island and Manhasset Bay. There is extensive manufacturing, much of it reflecting the region's past association with the aircraft and aerospace , N.Y., owned and occupied by Kiss Products, Inc. The loans included $3.6 million for a 64,500 s/f facility at One Harbor Park Harbor Park is a stadium along the Elizabeth River, in downtown Norfolk, Virginia, USA. It is primarily used for baseball, and is the home field of the Norfolk Tides minor league baseball team. The Tides are the International League AAA farm team for the Baltimore Orioles. Drive and $3.75 million for 66,500 s/f building at Two Harbor Park Drive. JONATHAN GOLDMAN EXECUTIVE VICE PRESIDENT M. ROBERT GOLDMAN & COMPANY, INC. |
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