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Business in the Burbs

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Archive for the 'Loans' Category

Center for Wound Healing announces loan agreement

December
23

The Center for Wound Healing Inc., a Tarrytown-based manager of wound treatment centers, said that New York-based Signature Bank will provide the company with an $8 million loan agreement to replace an older $6 million line of credit.

The company said that the larger loan agreement will provide funding for working capital and long-term investment spending, including additional hospital partnerships. The company manages 35 wound care centers in the eastern United States.

“This substantial increase in our borrowing capacity is a reflection of the significant progress we have made in turning around the company, and in executing to our growth strategy,” Chief Executive Officer Andrew G. Barnett.

Posted by Jay Loomis on Tuesday, December 23rd, 2008 at 6:25 pm |
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Regional mall owner seeks refinancing

December
16

The debt-strapped owner of more than 650 U.S. shopping malls, including the Cortlandt Towne Center and seven other plazas in the Lower Hudson Valley, appears ready to turn over control of most of the company to lenders under a tentative refinancing deal announced this week.
Centro Properties Group of Melbourne, Australia said it has obtained a one-month extension of its credit contracts that were due to expire yesterday while the refinancing deal is under review.
Centro is struggling with $3.35 billion in debt that it accumulated in the course of expanding its retail holdings around the world in recent years. Its stock sells for pennies a share.
It had planned to sell a portfolio of American malls earlier this year that might have included some regional property, but commercial real estate values have fallen. In September, Centro said the deal was canceled but talks were continuing.
This week Centro said the current refinancing deal calls for part of its debt to be changed to securities that in turn could be converted into the equivalent of 90 percent of Centro’s equity.
The company’s office in Manhattan declined to elaborate on the latest announcement.
Centro has more than 1.26 million square feet of gross leasable space in Westchester and Rockland counties. In addition to the Cortlandt Towne Center, its portfolio includes Rockland Plaza in Nanuet, Dalewood Shopping Center in Hartsdale, Highridge Plaza in Yonkers, North Ridge Plaza in New Rochelle, A & P Mamaroneck, Village Square in Mamaroneck, and a plaza on North Central Avenue in Hartsdale.

Posted by Jerry Gleeson on Tuesday, December 16th, 2008 at 4:33 pm |
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Drew announces new credit agreement

December
2

Drew Industries Inc., a White Plains-based manufacturer of parts for recreational vehicles and manufactured homes, announced a new $50 million credit agreement with JPMorgan Chase Bank N.A. and Wells Fargo Bank N.A. The credit agreement, which covers Drew and its subsidiaries Kinro Inc. and Lippert Components Inc., replaces a $70 million loan agreement that was due to end in June.

Posted by Jay Loomis on Tuesday, December 2nd, 2008 at 1:43 pm |
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Alpine Capital finances Pound Ridge golf course

June
24

Alpine Capital Bank of Manhattan has made its first major investment in Westchester County by lending $15 million toward the construction and permanent financing of the new Pound Ridge Golf Club, bank spokeswoman April Rudin said. Alpine has assets of $250 million and headquarters on Fifth Avenue. Golf club owner Ken Wang and his family have known the bank for some time, an Alpine statement said. The golf course, which cost an estimated $50 million, opens to the public Wednesday.

Posted by Jerry Gleeson on Tuesday, June 24th, 2008 at 4:14 pm |
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Starwood Hotels enters $375M loan pact

April
15

Starwood Hotels & Resorts Worldwide Inc. has entered into a $375 million loan agreement with various lenders as part of an amended credit agreement, the hotelier disclosed in a regulatory filing today.

Proceeds from the loan will be used to repay debt, to pay fees and expenses related to the repayment and for general corporate purposes, the White Plains-based company said.

Posted by David Schepp on Tuesday, April 15th, 2008 at 4:27 pm |
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Business in the Burbs is our online news blog about businesses based or operating in the Lower Hudson Valley. Visitors here will also find items of interest to consumers in the region. Most contributions are from business reporters and editors covering Westchester, Rockland and Putnam counties.

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