Gary Wool and Martin Siegel of Wool Finance Partners arranged a creative financing structure which included a $2.39 million financing package for the acquisition of Long Grove Commons in Long Grove, IL.

The loan package provided 100% financing including a combination of a first mortgage loan and a practice loan which provided not only the equity in conjunction with the purchase but also additional capital for the buyer of the property.  The loan was secured by a 9,800 square foot, 94% leased retail center.  The lender, a local bank underwrote the loan based upon not only the value of the real estate but also the successful dental practice of the buyer who also was an existing tenant in the property.  The loan structure provided for a $1,485,000 conventional mortgage for the real estate based upon a 75% loan-to-value ratio, and a 5 year term at 4.50%.  The package also included a 10-year practice loan for $900,000 for the buyer.

In addition to conventional first mortgage financing, Wool Finance Partners’principals also structure forward-funding loans, participating mortgages, joint ventures, construction loans, tax-exempt bond financing, stand-by commitments, acquisition and development loans, mezzanine financing, pre-sales and asset sales.

If you would like more information about the company please contact Gary Wool at (847) 940-8896 or email at gary@woolfinance.com or Martin Siegel at 847-283-0101 or email at marty@woolfinance.com.