$10,200,000.00 for Anchored Strip Center

In a transaction, MFI has placed a $10,200,000 mortgage secured by a 75,000 s.f., anchored strip center located in Staten Island, NY. Said transaction was comprised of two different stages.

The first stage involved the replacing of a $3.5 million mortgage with a $7.4 million mortgage on the 54,000 s.f.-portion of the center that was originally built in 1963, and owner-managed since then. Said portion was comprised of seven (7) contiguous single-tenanted, one-story structures, with a tenant roster including but not limited to Sneaker Stadium, CVS, Tandy - Radio Shack and Staten Island Savings Bank, and a variety of local tenants.

The second stage involved the take-out of a $2.0 million construction loan through a $2.8 million permanent first mortgage lien. Said loan was committed on a forward basis, to be funded upon the tenants occupancy of the newly built 20,000 s.f. annex to the existing center. At the time of issuance of said forward commitment, 67% of the new structure was pre-leased. The balance of the space was under negotiation with one major tenant, and it was expected that the center is to be 100% physically occupied within 120 days.

Financing on both portions of the center was arranged through MFI's relationship with a blue chip Wall Street firm with a term of 25 years at a fixed rate of 6.95%, the equivalent of 175 basis points over the 10-year Treasury.

$2,100,000.00 for Medical Property

The owner of a medical office building located in Fresh Meadows, NY. approached us, after having unsuccessfully dealt with another mortgage broker for well over 4 months. As the old mortgage was coming due within the next three (3) months, time was of the essence. Said property was newly built in 1990 and consisted of 14,700 s.f. with on-site parking for 27 cars. The building was largely being utilized as the only kidney dialysis center for the surrounding community, and is 100% occupied by the NY. Hospital Medical Center of Queens on a triple net basis. Due to our extensive network of lenders, our client was able to close on a $2,100,000 first mortgage loan within 75 days of application. The $144.00 per s.f., non-recourse loan featured a fixed rate of 9.00%, fully amortizing over a 15-year term and was placed with a major local insurance company.

$9,000,000.00 for Underlying Coop

Our client "Murray Hill Plaza Corp.", was a cooperative located at 244 Madison Avenue in Manhattan. Originally built as an office building, in 1930, it was later converted to feature luxurious apartments with very high ceilings. In 1984 the building was converted to cooperative ownership.

The property, a 17-story class-A doorman residential building consisted of a total of 181 residential units, including 13 penthouses and 6 retail stores. Although the building was over 93% sold, only 55% of all units were owner occupied. The board's desire was to lock-in the lowest interest rate for as long as possible. Within 87 days of the application we accomplished the client's wish. A $9,000,000 loan commitment was issued, and three weeks thereafter, our client closed on the 30-year, self liquidating loan at a fixed rate of 8.4% (the equivalent of 110 basis points over the 30-year Treasury yield in 4/97).

$1,800,000.00 for 100% Financing for Retail Property

For another client we were able to arrange for a $1,800,000 refinance of two parcels in the Bedford-Stuyvesant section of Brooklyn consisting of four retail and two residential units. The equity in one building was used to provide 100% financing on the purchase of the second one. The non-recourse loan featured a rate priced at 200 basis points over the corresponding Treasury, fixed for the entire 10-year term of the loan.

$2,200,000.00 for Commercial Retail Loft Building

In another transaction, MFI has arranged, and its client closed on, a $2,200,000 first mortgage lien. The building, a 28,000 s.f., four-story commercial loft with 11 retail stores fronting Broadway, was located in the heart of Manhattan's fragrance district. The building was originally bought in 1972, and since then owner-managed.

This was the second time within 12 months that Mega Funding International was asked to finance this property. With rates at historical lows, the owners decided to prepay a $900,000 first mortgage held by a private lender at a rate of 12% interest only. Financing was arranged through MFI's relationship with a major Wall Street firm with a term of 10 years and a 25-year payout at a fixed rate of 8.23% with no fees to the lender.

$2,700,000.00 for Garden Apartment Complex

Another transaction involved a $2,700,000 first mortgage lien secured by a 144-unit, garden apartment complex located in Vestal, just outside of Binghamton, NY. The facility was comprised of 9 buildings and 288 parking spaces, situated on 9 acres of land. Originally built in 1967 by its current principals, the complex was always owner managed, and reflected pride of ownership.

Mega Funding was able to arrange financing with a major national lender with a self-liquidating term of 20 years at a fixed rate of 6.85% with no fees to the lender.