Mercantile Arranges $22.6M in Loans

Florida Real Estate Journal
March 1-15, 2008
Vol. 15, No. 22

Mercantile Arranges $22.6M in Loans

Altamonte Springs – Mercantile Commercial Capital, LLC closed on eight commercial loans recently that totaled more than $22.6 million in project costs.

The new loans include:

• $1,882,215 to Bob Bickhaus Motors Inc., Macon, MO, to build a 19,959 SF Bentz GM Country automobile dealership with a 25-year, fully amortizing term with a five-year fixed interest rate and 90% loan-to-value financing. Total project cost is $2,090,350.
• $3,718,000 to Atserv Group Inc. to develop an 18,000 SF multipurpose community facility in Waukegan, IL. Mercantile arranged a 25-year, fully amortizing loan with a five-year fixed interest rate and 85%loan-to-value financing. Pawl Janowicz of Gateway Mortgage Group in Chicago participated in the transaction as a referring agent.
• $1,935,000 to Claddagh Corp. of Heathrow Inc. (Olde Hearth Bread Company), an artisan bakery that supplies hotels, restaurants and theme parks, to build a 7,250 SF multiuse facility in Casselberry. Mercantile arranged a 25-year, fully amortizing term with a five-year fixed interest rate and 90% loan-to-value financing. Michael Heidrich, principal at NAI Realvest in Maitland, participated in the transaction as a referring agent.
• $336,600 to Adept Retirement Inc. to acquire a 2,734 SF assisted living facility in Clearwater with a 25-year, fully amortizing term, a five-year fixed interest rate and 85% loan-to-value financing. Bob Simmons, Mercantile"s correspondent in North Tampa, participated in the transaction as a referring agent.
• $5,077,000 to PJAB Enterprises Ltd. (Baillios Inc.), an Albuquerque, NM, electronics store, to provide long-term refinancing for an 84,000 SF warehouse facility with a 25-year, fully amortizing term and a five-year fixed interest rate.
• $2,409,750 to IE Real Estate Group, LLC, a Fenton, MO, manufacturer of renewable energy equipment, to acquire a 63,500SF office/warehouse in Fenton. The loan has a 30-year, fully amortizing term, a 30-year fixed interest rate and 85% loan-to-cost financing. Scott Schlote, Mercantile"s correspondent in Sunset Hills, MO participated in the transaction as a referring agent.
• $331,500 to Coleman"s Music Company (C&R Games Inc.) of Jacksonville to provide long-term refinancing for a 10,414 SF building in Jacksonville with a 30-year, fully amortizing term and five-year fixed interest rate. Dave Lewis of Liberty Mortgage in Jacksonville participated in the transaction as referring agent.
• $5,554,000 to SFMRJ LLC of Santa Fe, NM to provide long-term refinancing for a 43,000 SF warehouse facility in Santa Fe with a 25-year, fully amortizing term an da five-year fixed interest rate. The warehouse facility will serve Baillos Inc.

Mercantile Arranges $22.6M in LoansFlorida Real Estate Journal- 03/08