Digital Realty Trust Inc. in San Francisco plans to sell 5 million shares of its common stock in an underwritten public offering. Digital Realty intends to utilize the net proceeds from the offering to temporarily repay all or a portion of its borrowings under its revolving credit facility, to acquire additional properties, to fund development and redevelopment opportunities and for general corporate purposes. Separately, Digital Piscataway LLC, an indirect subsidiary entered into an $80 million secured mortgage financing with respect to 3 Corporate Place in Piscataway, NNJ. The loan bears interest at 6.72% per year, matures on Aug. 1, 2011, and is subject to two one-year extensions.
Deka Bank provided a $90 million acquisition loan and Fillmore Capital Partners a $50 million mezzanine loan for the recently opened Renaissance Boston Waterfront Hotel in Boston's vibrant Seaport District. HFF senior managing directors Riaz Cassum and Michael Tepedino (HFF New York), along with director Greg LaBine, arranged the financing for Loeb Partners Realty. Loeb Realty Partners is a privately held real estate company with a current portfolio of more than 15 million square feet of income producing real estate.Freddie Mac provided senior mortgage acquisition financing of $46 million for The Park at Kingsview Apartments, a 326-unit multifamily complex in Germantown, MD. Financing was based on a 7-year term. The financing amounted to 70% of the cost for the borrower, which consists of a local partner and an offshore investor. Freddie Mac went from application to close in 18 days a deal fell through with another lender. Christopher Feeley, senior vice president and managing director, Gary McGlynn, senior vice president and managing director, and Frank Relihan, vice president of NorthMarq Capital Inc.'s (NorthMarq) Washington, DC Regional office arranged the financing.
Aviva Capital Management provided $21.61 million of financing at a permanent fixed rate of 5.35% for Powerline Business Park. The loan term is five years with a 30-year amortization, and a loan-to-value of 50%. The industrial park has two locations, totaling 395,720 square feet, at 4100 N. Powerline Road in Pompano Beach, FL, and 6601 Lyons Road in Coconut Creek, FL. Marshall Smith, executive vice president for Thomas D. Wood and Company, arranged the financing.
Grosvenor Investment Management US Inc., on behalf of a pension fund it advises, provided first mortgage financing of $7.5 million for 610 Business Park in Brooklyn Park, MN. Financing for the 78,190-square-foot single-tenant industrial property was based on a 10-year term with a 30-year amortization schedule and was arranged for through NorthMarq Capital Inc.'s (NorthMarq) Minneapolis Regional office. Patrick Minea, senior vice president and managing director arranged the deal.
Minnesota Life Insurance Co. provided $6 million in financing for Regent Properties at a permanent fixed rate of 6%. The loan term is 10 years with a 30-year amortization, and a loan-to-value of 59%. The 348,773-square-foot industrial building was built in 1997 and has two locations, 15371 Roosevelt Blvd. in Clearwater, FL, and 11211 69th St. in North, Largo, FL. Marshall Smith, executive vice president for Thomas D. Wood and Company, arranged the financing.
Fifth Third Bank loaned Odyssey Marine Exploration Inc. $2.6 million at a variable interest rate equal to the prime rate plus 0.75% per annum. The loan matures on July 11, 2013, and requires Odyssey to make monthly principal payments in the amount of $10,750 plus accrued interest. The loan is secured by a first mortgage on Odyssey's principal executive offices at 5215 W. Laurel St. in Tampa, FL.
No comments:
Post a Comment