Welcome to Clubloans.com - Information on Home construction loan

James Gunning, a senior director in L.J. Melody & Company's New Jersey office, arranged more than $65 million in financings in December 2004 for various properties in New Jersey and Pennsylvania.

Acquisition and permanent financing in the amount of $47 million and $37 million, respectively, was arranged for Southmont Shopping Center in Bethlehem, Penn. The property was purchased by Morris Bethlehem Associates, LP, with funding provided by CIBC World Markets Corporation. Southmont Shopping Center is a 248,948 s/f community retail development shadow-anchored by a Lowe's Home Center. The remaining space is leased by a variety of strong retailers such as Bed Bath & Beyond, Pier 1 Imports, Barnes & Noble, Dick's Sporting Goods, Michael's and Panera Bread. The property is 96% leased. Robert Krawiecki, vice president in L.J. Melody's Philadelphia office, collaborated with Mr. Gunning in securing financing for this transaction. Bruce Meland, of L.J. Melody's Minneapolis office, represented the seller.

A $9.5 million, 20-year self-liquidating loan was arranged for two medical office buildings located at 741-743 Northfield Ave. in West Orange, N.J. The two properties total 70,173 s/f of space and are located within close proximity to Route 280 and JFK Parkway. Public transportation in the area is excellent--there are train stations in Livingston and in South Orange, and a Park-N-Ride commuter bus station three blocks away from the property. St. Barnabas Medical center in Livingston is less than one mile away. Aegon USA provided the funding on behalf of the borrower, a partnership where Maurice M. Weill is a managing member.

Finally, Mr. Gunning arranged a $9 million, permanent, fixed-rate, 20-year self-liquidating loan for 600 South Ave. in Westfield, N.J. Built in 1984, 600 South Ave. is a 67,551 s/f office property located on a 2.72-acre site. The property is conveniently located in the heart of the town of Westfield, in close proximity to various retailers, restaurants and mass transportation. Three tenants fully occupy the property--David Lerner, Elizabethtown Gas and Farer Fresko. Onsite parking is available for 191 vehicles. Aegon USA provided the funding on behalf of the borrower, a partnership where Maurice M. Weill is a managing member.