Pisanelli of U.S. Realty Capital negotiates $13 million total in loans
Rob Pisanelli, U.S. Realty Capital
Shoppers Square - Little Falls, NY
Mavis Discount Tire - Catskill, NY
Rochester, NY The Atlantic Northeast Office of U.S. Realty Capital has brokered $13 million in construction and permanent loans for a hotel and two retail properties. Rob Pisanelli of U.S. Realty Capital negotiated the following transactions:
A $6.64 million construction and permanent mortgage was obtained for Shoppers Square, a 60,000 s/f shopping center in Little Falls. The property is scheduled to undergo a major redevelopment with many tenants being relocated and a new anchor tenant moving in. The current tenants include CVS, Subway, Smoker Friendly, Curves and Fisher Auto. The non-recourse loan was sized at 80% loan-to-value, 10 year term and amortized over 25 years.
A $5.2 million permanent mortgage was obtained for an 82-room Candlewood Suites in Decatur, TX. The property opened in June of 2011. The property currently experiences annual occupancy levels over 71% with an ADR over $77. The loan was arranged with a CMBS lender at a rate of 4.70% fixed for 10 years with a 25 year amortization schedule.
A $1.232 million construction and permanent loan for a new 6,000 s/f Mavis Discount Tire in Catskill. Mavis Discount Tire is a leading dealer of discount tires operating over 130 stores throughout New York, Connecticut, Massachusetts and Pennsylvania. The loan was placed with a regional bank at an interest rate of 4% fixed for 5 years.
U.S. Realty Capital is a national mortgage banking company with eight offices across the country. Providing creative capital solutions for commercial real estate owners and developers throughout the United States, U.S. Realty Capital has originated over $7 billion of debt and equity for their clients since 2005. Through their collective knowledge and industry experience U.S. Realty Capital provides comprehensive project analysis and competitive solutions for the unique needs of each client and project.
Story ran in the Upstate New York section on 03/12/2013