Alan Doyle, principal of Larew Doyle & Associates, recently placed two loans totaling $6.9 million on two free standing Walgreens pharmacies (Bristol R.I. and Westbrook, Conn.). The loans were financed by one of LDA's insurance correspondents at a rate only slightly above 5%. The rate was fixed for a term of 20 years which was co-terminus with the remaining term of the pharmacy leases, providing interest rate protection throughout the remaining lease term.
Doyle recently received a loan commitment on a $3.1 million, 15 year fixed rate non-recourse loan on an 84-unit West Warwick apartment complex at an historical low rate of 4.07%, placed with one of its life insurance correspondents.
Other recent life insurance company loan placements included: a $3 million, 20 year fixed rate loan on a Lowe's ground lease in North Providence; a $2.25 million, 15 year fixed rate loan on a 55,000 s/f anchored retail center in West Warwick; and a $12.4 million 10 year fixed rate loan on an 80,000 s/f multi-tenant office building in Brooklyn, N.Y.
Between closed and committed loans, LDA's Providence, mid-town Manhattan and Syracuse offices placed over $100 million in new loan originations during 2011.