Tampa, FL – July 22, 2014 – The Tampa Office of Thomas D. Wood Company, a Strategic Alliance Mortgage LLC member, secured $8,730,000 in commercial mortgage transactions for properties throughout the state of Florida. Interest rates continue to stay as low as 4%, contributing to the increase in successful closings.
Senior Vice President Doug Rozzell, obtained bridge financing in the amount of $3,200,000 for the purchase and renovation of the River City Place Apartments, a 120-unit multi-family property in Jacksonville, Florida. The borrower, a fund based outside of the United States, was purchasing a Class C apartment complex that needed significant capital improvement dollars to convert it to a Class B property. Rozzell arranged the bridge loan based upon a long-standing relationship with a Florida-based capital source, who will also be funding 60% of the renovation funds to upgrade the apartment complex to a Class B status.
Rozzell secured financing for University Terrace, a 7,426 square-foot retail plaza in Orlando, Florida, in the amount of $3,850,000. The borrowers were seeking to refinance an asset that contained a credit tenant as part of the income stream, but had never built on the site it was leasing. Rozzell secured a loan with a regional bank, providing the borrower a permanent fixed-rate loan with a term of 10 years, based on a 25-year amortization and an interest rate of 4.10%.
Rozzell also obtained financing for the 2105 Building, an office building in Winter Park, Florida, in the amount of $780,000, and Shoppes at Vista Lakes, a multi-tenant retail plaza in Orlando, Florida, in the amount of $900,000.
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.