JMC Capital Partners Announces $130 Million Dollar Construction Loan for Florida First Development
Smyrna, GA, June 26, 2008 --(
PR.com)-- JMC Capital Partners is pleased to announce the Financing of $130 million dollar Construction loan for Jonquil Village a Multi Purpose Development Consisting of 170,000 Sqft of retail, 40,000 sqft of Office space, 298 unit Apartment complex and a 182 bed Assisted Living Facility. "We are very excited to be working with Florida First Development on this project. We feel that First Florida Development being a well established GC/Developer in the southeast region will bring a new edge to Smyrna, GA," says Christopher Neary, Director of commercial lending for JMC Capital Partners.
"We had many loops to jump through in order to get this bid away from large instuitional banks such as Wachovia Bank and Bank of America. Our issue was getting our loan to cost ratio up to 90% on the construction loan, which is very high considering the current market were in. A lot of the major banking institutions are really tightening up on their underwriting guidelines due to a lack of liquidity and the fact that many of the major banking institutions don't want the paper on their books at this time. In fact we have seen many large reo packages from “Wells Fargo” and “GMAC” come across are desk that are selling their notes for 40-60% on the dollar. Many speculators feel that the commercial market is going to take a big hit mainly because of investor fears of another Bear Stearns happening."
JMC Capital Partners has been allocating many funding sources globally in order to compete in this market. “We have seen a huge interest in foreign investors wanting to invest in the U.S. market because of the dollar’s weakness over the Pound, Euro and Yen,” Quotes Christopher Neary.
For more information regarding JMC Capital Partners and their loan programs please email them at E-mail@jmccapitalpartners.com
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