ORLANDO-Mellon United National Bank has provided an 18-month acquisition loan to a private buyer for the purchase of 3,497 acres in Polk County where the buyer already has contracted to sell the dirt to another buyer in June 2006, according to mortgage banker Thomas D. Wood and Co. which brokered the loan.
Polk County industrial brokers familiar with the transaction tell GlobeSt.com the buyer plans to mark up the land by at least 10%. Mellon committed and closed the loan in three weeks. Wood says the loan has a Libor-based floating rate with an interest-only amortization.
In three other small-business loans, Ameritas Investment Advisors provided $2 million to refinance the 62,020-sf Ecor Rouge Shopping Center. The permanent 20-year, fixed-rate loan has a 5.82% interest rate and a 20-year amortization.
StanCorp Mortgage Investors LLC provided Land One Ltd., owner of Melly's Plaza, $1.2 million to refinance the property with a 10-year permanent fixed-rate loan at 5.25% on a 10-year amortization. StanCorp also loaned the International King Buffet in Fort Myers $862,000 for renovations to its 10,400-sf restaurant built in 1984. The 25-year loan has a permanent fixed-rate interest rate of 5.62% with a 25-year amortization.
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