Orlando, Florida – August 25, 2009 –
Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing on August 21, 2009, in the amount of $3,837,750 for the International Drive Best Western in Orlando, Florida.
John Worrell, Company Assistant Vice President, and Doug Rozzell, Company Principal, financed the acquisition and repositioning of the International Drive Best Western under a SBA 504 85% Loan-to-Cost loan structure through Thomas D. Wood and Company’s relationship with a Regional Bank, which provided a 50% first mortgage, and a bridge lender which provided the remaining 35% second mortgage based upon the SBA approval which will be funded by a local CDC upon Certificate of Occupancy. The first mortgage has an interest rate of 10%, and the bridge debenture has an interest rate of 8.5%, based on a 10-year term and 20-year amortization. The loan-to-value is 72% and the loan-to-cost is 85%. The 120-room hotel was built in 1985, and is located at 8222 Jamaican Court, Orlando, Florida.
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 fourteen major life insurance companies, and is also a member of the Strategic Alliance Mortgage (SAM), a unique company consisting of 20 members who are all individually owned, commercial real estate investment banking/mortgage banking 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 1215 Louisiana Avenue, Suite 100, Winter Park, Florida 32789, 7349 Professional Parkway East, Sarasota, Florida 34240, and 1000 Corporate Dr., Suite 100, Ft. Lauderdale, Florida 33334. The website may be accessed through www.tdwood.com.
John Worrell (407) 937-0470 jworrell@tdwood.com
Doug Rozzell (407) 937-0470 drozzell@tdwood.com
Jessica Gurtowski (407) 937-0470 jgurtowski@tdwood.com
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