Sarasota, FL – April 10, 2014 – The Sarasota Office of Thomas D. Wood Company, a Strategic Alliance Mortgage LLC member, secured $5,300,000 in commercial finance transactions for properties throughout the state of Florida. Interest rates continue to stay as low as 4.5%, contributing to the increase in successful closings.
Senior Vice President Brad Cox, CCIM, accepted the challenge in securing financing for the Liner Buildings, a mixed-use retail, office and residential property in Fort Myers, Florida. The Liner Buildings were vacant and the borrower needed a construction loan to finish out the shell space; upon completion he plans to sell the individual units as condos. Cox arranged a rehab loan through a local bank in the amount of $1,350,000 at an interest rate of 4.5%, interest-only for six years.
Cox obtained financing for Fairfield Commerce Center, a six-building industrial property in St. Petersburg, Florida, through Thomas D. Wood and Company’s correspondent relationship with The Standard. The permanent fixed-rate loan has a term of 25 years with a 25-year amortization, based on an interest rate of 5.25% and rate resets in years 10 and 20.
Cox also secured financing from The Standard for Affordable Secure Self Storage, a 272-unit mini-storage in Fort Myers, Florida. The borrower wanted to refinance a bridge loan that he used to purchase the property in 2011, and Cox secured a permanent fixed-rate loan with a term of 25 years and a 25-year amortization, based on an interest rate of 5.625% with a rate reset in year 15.
Assistant Vice President J.B. Baldwin also financed two properties through The Standard. Baldwin secured financing for Indigo Palms Villas, a multi-family property in West Palm Beach, Florida, in the amount of $1,200,000. The permanent fixed-rate loan has a term of 25 years with a 25-year amortization and an interest rate of 4.75%, with a rate reset every five years.
Baldwin obtained financing from The Standard for the Parkway Center, a retail property in Fort Myers, Florida, in the amount of $850,000. The permanent fixed-rate loan has a term of 20 years with a 20-year amortization and an interest rate of 5.0%, with an interest rate reset in year 10.
About Thomas D. Wood & Company
Thomas D. Wood and Company is an independently owned, leading commercial mortgage banking firm in the southeast. Thomas D. Wood and Company has correspondent relationships with 16 major life insurance companies, and is also a member of the Strategic Alliance Mortgage (SAM), a unique company consisting of 24 members who are all individually owned, commercial real estate investment banking/mortgage firms located throughout the United States. Thomas D. Wood and Company’s servicing portfolio is now approaching one billion dollars. This servicing portfolio consists of long-term mortgages on a variety of commercial properties located throughout the state of Florida. These properties include: Retail, industrial, office, senior housing communities, self-storage, apartments, warehouses, hotels and mobile home parks. Thomas D. Wood and Company’s corporate office is located at 95 Merrick Way, Suite 360, Coral Gables, Florida 33134, with branch offices located at: 1916 E. Robinson Street, Orlando, FL 32803, 3665 Bee Ridge Road, Suite 210, Sarasota, Florida 34233, 8509 Benjamin Road, Suite E, Tampa, Florida 33634, 2500 N. Military Trail, Suite 200, Boca Raton, Florida 33431 and 2580 Care Drive, Suite 1, Tallahassee, Florida 32308. The website may be accessed through www.tdwood.com.