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Bridge Loan

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BUSINESS
September 18, 2009 | By Linda Loyd INQUIRER STAFF WRITER
Aker Philadelphia Shipyard says it needs to borrow $150 million to construct two tankers, for which it has already ordered parts but has no buyers. If it does not get the money or sell the ships, the second-largest U.S. commercial shipbuilder may ultimately have to shut its operations at the Navy Yard, the company and government officials say. In a normal economy, Aker would borrow from a bank, but with credit impossible to get, Aker is seeking a $150 million "bridge loan" from the Maritime Administration of the U.S. Department of Transportation.
NEWS
October 20, 1999 | By Susan Weidener, INQUIRER SUBURBAN STAFF
The Borough Council voted unanimously to lend $1.55 million to the Paoli Battlefield Preservation Fund until federal funding comes through for the $2.6 million purchase of the historic Paoli Battlefield site. But the preservationists plan to ask Malvern Preparatory School for an extension on the Oct. 31 settlement deadline, because the borough's funds are not expected to come through in time. Michael Steinberger, president of the nonprofit Paoli Battlefield Preservation Fund, said his group would formally request a 60-day extension from the school.
NEWS
October 3, 2015 | By Jacob Adelman, Inquirer Staff Writer
Brickstone Cos. has paid $5 million for the Hale Building at 1326 Chestnut St., according to Washington Square Realty Capital, which arranged financing for the acquisition. Brickstone closed on the ornate seven-story building on Sept. 30 using a bridge loan from Firstrust bank, Washington Square senior director Anthony Franchi said in an email. The developer has said it plans to renovate the 128-year-old building, designed by the same architect as the Divine Lorraine on North Broad Street, and revamp its upper floors into "creative" office space.
NEWS
August 24, 2011
Real estate investment banker Bluestone Real Estate Capital, of Philadelphia, said it closed transactions totaling $68 million in the Philadelphia region in the last 30 days. The transactions involved $21 million for Tower Investment's Erbe Apartment complex in Northern Liberties; $17 million in redevelopment financing for the Robert Morris Building in Center City; $10 million in equity financing for 806 Capital for Center City Northeastern (formerly Temple University's Northeastern Hospital)
NEWS
May 28, 2016 | By Andrew Seidman, TRENTON BUREAU
TRENTON - The New Jersey Legislature on Thursday sent Gov. Christie a pair of bills that would give Atlantic City until late October to develop a five-year financial plan that likely would necessitate deep budget cuts even with state aid. If city officials failed to submit a plan to the state within five months, or if the commissioner of the Department of Community Affairs determined the plan was insufficient, the Christie administration would gain...
BUSINESS
March 17, 2015 | By Jane M. Von Bergen, Inquirer Staff Writer
Exhausted after his shift as a waiter, Richard P. Miller, then a 21-year-old college senior, jumped into his rickety Volkswagen bug and headed back to his school. He didn't make it. "I fell asleep at the wheel and hit a bridge abutment going about 40 m.p.h.," said Miller, now 62, president and chief executive of Virtua Health Inc., the three-hospital health system based in Marlton. Helicoptered to a shock-trauma unit in Maryland, "I actually ended up on a ventilator and I ended up on dialysis and wasn't given much chance," he said.
NEWS
July 25, 1991 | By Marguerite P. Jones, Special to The Inquirer
The bills always seem to be on time. It's the payments that cause the headaches. Langhorne Manor Borough is wrestling with this problem over its $4 million sewer project. Since construction began more than three months ago, bills from the contractor and engineer have been coming in right on time. But the payments from Pennvest, a state fund that assists with municipal capital improvement projects, are slow. Pennvest has given the borough $3.4 million in a low-interest loan and a $500,000 grant for the project.
NEWS
December 29, 1988 | By NORMAN A. BAILEY
On a hot three-day August weekend in 1982 in Washington, a $2.5 billion rescue package was hammered out for Mexico, which had just declared insolvency. In return, American farmers sold grain and the U.S. strategic petroleum reserve got Mexican oil at a concessionary price. In October 1988, six years later, after a few hours of conversation, a $3.5 billion rescue package for Mexico was granted by the U.S. government. The American people got the assurance that there would be no major disruptions in Mexico as its new president took office.
BUSINESS
December 9, 1989 | By Andrea Knox, Inquirer Staff Writer
Major investors in Orfa Corp. of America, dissatisfied with the company's perpetually teetering finances, will take control of Orfa and install a former Beckman Instruments Co. official as its chief executive officer. The Orfa board approved the takeover at a meeting yesterday, according to William F. Ballhaus, who will replace Harvey Kaye as chairman, chief executive officer and president of Orfa, a Cherry Hill firm that is trying to create a market for a new trash-recycling process.
NEWS
November 5, 1999 | By Susan Weidener, INQUIRER SUBURBAN STAFF
After four years of "Remembering Paoli" and rallying financial support on the local, state and federal levels, Malvern Prep and the Paoli Battlefield Preservation Fund will settle on the property today at the school. A check for $2.5 million will be passed from the nonprofit fund to the school's board of trustees. The committee put a $100,000 deposit on the property in April 1998. The committee will then transfer the property to Malvern Borough, which is responsible for maintaining the 40-acre site.
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ARTICLES BY DATE
NEWS
June 13, 2016 | By Amy S. Rosenberg, Staff Writer
ATLANTIC CITY - Tick tock, tick tock. No, this was not part of some book read to third graders by Mayor Don Guardian during career day Thursday at Pennsylvania Avenue school - students there were more interested in peppering the mayor about World War II. This was Gov. Christie taunting his least favorite mayor since Fort Lee's Mark Sokolich just days after signing a rescue package that included tens of millions in redirected aid and gave...
NEWS
May 28, 2016 | By Andrew Seidman, TRENTON BUREAU
TRENTON - The New Jersey Legislature on Thursday sent Gov. Christie a pair of bills that would give Atlantic City until late October to develop a five-year financial plan that likely would necessitate deep budget cuts even with state aid. If city officials failed to submit a plan to the state within five months, or if the commissioner of the Department of Community Affairs determined the plan was insufficient, the Christie administration would gain...
NEWS
April 29, 2016 | By Maddie Hanna, TRENTON BUREAU
Gov. Christie, addressing South Jersey business leaders Wednesday, blasted opponents of a state takeover of Atlantic City, and warned against a Democratic-led Legislature that he asserted was in the pocket of unions. The Republican governor, who declared he was "in a loud mood," told about 200 people at the Crowne Plaza in Cherry Hill for a Chamber of Commerce Southern New Jersey luncheon that he wouldn't balk at letting Atlantic City run out of money if the Assembly speaker continues to block a takeover.
NEWS
October 3, 2015 | By Jacob Adelman, Inquirer Staff Writer
Brickstone Cos. has paid $5 million for the Hale Building at 1326 Chestnut St., according to Washington Square Realty Capital, which arranged financing for the acquisition. Brickstone closed on the ornate seven-story building on Sept. 30 using a bridge loan from Firstrust bank, Washington Square senior director Anthony Franchi said in an email. The developer has said it plans to renovate the 128-year-old building, designed by the same architect as the Divine Lorraine on North Broad Street, and revamp its upper floors into "creative" office space.
BUSINESS
March 17, 2015 | By Jane M. Von Bergen, Inquirer Staff Writer
Exhausted after his shift as a waiter, Richard P. Miller, then a 21-year-old college senior, jumped into his rickety Volkswagen bug and headed back to his school. He didn't make it. "I fell asleep at the wheel and hit a bridge abutment going about 40 m.p.h.," said Miller, now 62, president and chief executive of Virtua Health Inc., the three-hospital health system based in Marlton. Helicoptered to a shock-trauma unit in Maryland, "I actually ended up on a ventilator and I ended up on dialysis and wasn't given much chance," he said.
BUSINESS
June 21, 2012 | By David Sell and INQUIRER STAFF WRITER
Looking to increase its operations in South America, Air Products & Chemicals Inc., of Allentown, said Tuesday that it agreed to pay $884 million to buy a 67 percent stake in Indura S.A., which is based in Santiago, Chile. Air Products had two regional headquarters in Europe and three in Asia, but this move expands the South American presence, which previously took the form of subsidiaries in Brazil and Argentina and a joint venture in Mexico. "Air Products' investment in Indura continues our strategy to expand our global presence in high-growth regions with strong local partners," John E. McGlade, chairman, president and chief executive officer of Air Products, said in a statement.
SPORTS
December 13, 2011 | DAILY NEWS WIRE REPORTS
FORMER PHILLIES centerfielder Aaron Rowand signed a minor league contract with the Miami Marlins and will contend for a job as a backup outfielder. Rowand, 34, hit .233 with four homers in 108 games for San Francisco last season. His best year was in 2007 with the Phillies, when he hit .309 with 27 homers and 89 RBI before leaving as a free agent. If Rowand is added to the 40-man roster, he'll receive the major league minimum $480,000, which would be offset from the $12 million owed in the final season of 5-year, $60 million deal from which the Giants released him in September.
NEWS
August 24, 2011
Real estate investment banker Bluestone Real Estate Capital, of Philadelphia, said it closed transactions totaling $68 million in the Philadelphia region in the last 30 days. The transactions involved $21 million for Tower Investment's Erbe Apartment complex in Northern Liberties; $17 million in redevelopment financing for the Robert Morris Building in Center City; $10 million in equity financing for 806 Capital for Center City Northeastern (formerly Temple University's Northeastern Hospital)
BUSINESS
June 25, 2010 | By Linda Loyd, Inquirer Staff Writer
Pink slips will go out soon at Aker Philadelphia Shipyard to an undisclosed number of workers because the shipbuilder does not have new orders or enough work to keep 1,000 people busy all the time. Aker has three product tankers in various stages of production, all of which have been sold. The last tanker is scheduled for completion in 2012. Aker has ordered parts for two additional tankers but still does not have financing or buyers. With credit tight and the economy crimping demand for petroleum products, offshore drilling, and new ship orders, Aker chief executive officer Jim Miller met with union leaders and employees this week and said there would be layoffs at the South Philadelphia yard.
REAL_ESTATE
September 27, 2009 | By Al Heavens, Inquirer Columnist
In August, Carl and Susan Schwartz bought a $255,000 house in Huntingdon Valley and sold the one in the city's Bustleton section that she bought 26 years ago, netting $165,000. They closed on the new house before settling on the old one. Although they were able to put $50,000 down on the new house, the juxtaposition of the two transactions forced Susan Schwartz to take out a $205,000 fixed-rate loan at 5.2 percent. "I didn't want a mortgage at all," said Susan, 61, a Philadelphia teacher.
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