W&M Capital Program launches fourth fund.Wien & Malkin has launched the fourth in its series of Strategic Capital (SC) investment partnerships, which provide special-situation structured equity 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 real estate entrepreneurs nationwide. The firm announced that SC II and SC III are fully invested, and that SC IV is now funding transactions. (SCI (Scalable Coherent Interface) An IEEE standard for a high-speed bus that uses wire or fiber-optic cable. It can transfer data up to 1GBytes/sec. (hardware) SCI - 1. Scalable Coherent Interface. 2. UART. was successfully invested, all investments reached maturity, and the fund closed out.) In addition, the Strategic Capital program has closed on two new investments, assisting owner/ developers 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 and Florida. "The program is gaining momentum, based on our success as problems solvers for owners and developers," says George S. Perry, Senior Vice President and Director of Investments for W&M Properties, which sources and structures investments for the Strategic Capital partnerships. W&M is the acquisition, management and marketing arm of the Malkin family. "Strategic Capital has proved to be a very useful financing tool for real estate entrepreneurs who need to supplement funding from traditional sources, but mostly it is used by them as a flexible path to recapture trapped equity," Mr. Perry adds, noting that the program has made investments in transactions with total capitalization Total capitalization The total long-term debt and all types of equity of a company that constitutes its capital structure. total capitalization See capitalization. of approximately $1.2 billion. "Our program has helped fill an important need in the real estate capital markets." SC's two most recent transactions include a $5 million preferred-equity investment that completes the recapitalization Recapitalization Restructuring a company's debt and equity mixture often with the aim of making a company's capital structure more stable. Notes: Companies often want to diversify their debt-to-equity ratio to improve liquidity. of a garment center building at 1370 Broadway, at West 37th Street, Manhattan. The funds supplement a new first mortgage from the property's senior lender, Wachovia National Bank. The 17-story, 250,000 s/f property, built in 1928 and extensively modernized in the mid1990s, is 95% occupied. Its major tenants include apparel company Paul Davril, known for its Kenneth Cole Kenneth Cole is the name of:
Please [ improve this article] or discuss the issue on the talk page. firm serving the apparel industry. In the other new transaction, Strategic Capital committed a $5.2 million loan to Florida-based Cornerstone Development Group LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , one of the largest developers of quality affordable housing in the Southeast. The loan, which requires interest-only payments during the first year and then self-amortizes over seven years, is secured by the income stream from eight Cornerstone multi-family properties, comprising 2,032 apartments in south Florida, and on the Gulf coast. The loan was the second made to Cornerstone by Strategic Capital in 2005. Earlier in the year, $9 million of debt funding, to be repaid over seven years, was secured by the income stream from nine other multi-family developments owned by Cornerstone in Dade, Broward and Palm Beach Counties. SC makes investments in the form of preferred equity and subordinate loans, in amounts ranging from about $2 million to $10 million, for terms up to 10 years. "Sometimes extra funds are needed to complete a financing package, free up equity for a second project, enable one partner to buy out another, or provide equity funding Equity funding An investment consisting of a life insurance policy and a mutual fund. The insurance policy is paid by the collateral value of fund shares, giving the investor the advantages of insurance protection with the growth potential of a mutual fund. to a mortgage conduit borrower who is prohibited from taking on additional debt," Mr. Perry explains. "These types of transactions are usually off institutional radar screens, but as entrepreneurial owners ourselves, we understand them and can react quickly in all types of circumstances." He notes, for example, that in November, Strategic Capital provided $7.3 million of financing, as a combination of debt and preferred equity, to the owner of a unique mixed-use property in a suburb of Minneapolis. "The deal, which underwent last-minute changes to accommodate the owner, was structured to be an 18-month loan at the outset, which will convert to a four-year preferred-equity investment, subject to the consent of the senior lender," Mr. Perry explains. "The investment is secured by the property, which is the Wayzata Boat Works Office and Marina in Wayzata, an affluent suburban community on the shore of Lake Minnetonka For other uses, see Minnetonka (disambiguation). Lake Minnetonka is a 14,000 acre (57 km) lake in the U.S. state of Minnesota. Throughout its recorded history, the lake has been a resort destination. ." The property consists of an 80-slip marina and a 64,000-square-foot office building, which houses Morgan Stanley  To comply with Wikipedia's , the introduction of this article needs a complete rewrite. and Wachovia Bank as its leading tenants.
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