AFC Realty secures $20M financing

Real Estate Weekly, Nov 26, 2003

AFC Realty Capital has arranged $20 million in financing for 280,000 s/f of space in Dartmouth Towne Center, a retail facility in North Dartmouth, MA.

The space is located in three buildings at the 356,000 s/f complex situated at 424 State Road Six, according to Michael Sonnabend, a principal of the Manhattan-base real estate investment firm.

The refinancing loan will be used by the owners of the property--Becker Associates--to pay off existing debt. It will also reduce intrest costs and amortization and consequently taxable income. The interest rates for the term is less than five%.

The fixed-rate loan was for a 15 year term and was originated and placed by Mr. Sonnabend with a major life insurance company.

Dartmouth Towne Center is a regional retail facility anchored by Home Depot, BJ's Wholesale Club, TJ Maxx and Office Max. Other tenants include Circuit City, B. Dalton Bookstore, and Jo-Ann Fabrics. The property consists of four one-story buildings and four out parcels.

The owner, Becker Associates, is a privately held real estate organization that specializes in investing and managing retail shopping centers. Becker Associates controls all phases of the construction acquisition, management and investment structuring of each deal.