TransaCtions

Selected Cornerstone Transaction Summary Information


Transaction Size
$245,000,000
HELOC Portfolio Purchase
Wall Street Direct Loans Partners funded as principal a senior-subordinate capital structure used to purchase a portfolio of home equity line of credit (HELOC) mortgage loans. Cornerstone's investment, which had attributes of both debt and equity, was made possible by the structured partnership of participating financial institutions.


Transaction Size
$35,000,000
ConAgra Global Trading Facility
The property owner, an affiliate of Opus Corporation, engaged Wall Street Direct Loans to provide a securitized funding solution for its newly constructed Con Agra Global Trading Facility on the ConAgra corporate campus in Omaha, Nebraska.

Wall Street Direct Loans structured and funded a permanent note secured by the first mortgage and net-lease of the real estate.


Transaction Size
$5,000,000
Advanced Drainage Systems (ADS) Financing
Advanced Drainage Systems (ADS), the world's largest manufacturer of polyethylene corrugated HDPE pipe products, engaged Wall Street Direct Loans to provide an institutional funding solution for its newly constructed corporate headquarters.

Wall Street Direct Loans structured and funded a synthetic lease financing with the tax advantages of a loan to permanently fund ADS’s new office headquarters in Hilliard, Ohio.


Transaction Size
$4,200,000
Columbus Christian Financing
Columbus Christian Center, an Ohio non-profit religious corporation, engaged Wall Street Direct Loans to provide floating rate financing through bonds issued by Cornerstone Funding Corporation. Wall Street Direct Loans arranged liquidity enhancement for this financing through Huntington Bank.

Wall Street Direct Loans structured and funded a taxable, floating rate financing for Columbus Christian to construct, own and operate real estate in Columbus, Ohio.


Transaction Size
$6,600,000
Wendy's Sale and Leaseback
Wall Street Direct Loans Partners Corporation purchased and leased back restaurant property owned and operated by an affiliate of Wendy’s of Bowling Green, a franchisee of Wendy’s International. Wall Street Direct Loans Partners Corporation provided the equity as principal which enabled the seller to recapitalize is ownership while maintaining operational and leasehold control of stand-alone restaurants in Tennessee and Alabama.


Transaction Size
$6,000,000
Dollar general retail development
Wall Street Direct Loans Partners Corporation purchased raw land, entered into separate lease agreements with Dollar General Corporation, and constructed new stand-alone buildings in Ohio for operation as Dollar General retail stores. Wall Street Direct Loans Partners Corporation acted as equity provider and developer for this ground-up development of new stores.


Transaction Size
$1,800,000
Wendy's Real Estate Acquisition
Wall Street Direct Loans Partners Corporation purchased restaurant real estate net-leased to a franchisee of Wendy’s International, Inc. in a multi-party simulated sale leaseback transaction. Wall Street Direct Loans Partners Corporation provision of equity as principal enabled the property owners to recapitalize themselves while preserving the tenancy and operations of the franchisee.


Transaction Size
$3,300,000
CVS Retail Development
Wall Street Direct Loans Partners Corporation purchased an existing retail center in Grandview, Ohio and worked with CVS and its preferred providers to redevelop the site into a newly built CVS drug store. Wall Street Direct Loans Partners Corporation worked as principal to lease the site to CVS and coordinated with Wall Street Direct Loans in a financed sale of the completed project to Mid States Development.


Transaction Size
$3,100,000
Max & Erma's Sale-Leaseback
Wall Street Direct Loans Partners Corporation structured a sale and leaseback agreement with Max & Ermas, Inc. for one of its newly-constructed, stand-alone restaurants in Pennsylvania. Wall Street Direct Loans Partners Corporation worked with Wall Street Direct Loans to provide financing.


Transaction Size
$8,300,000
Matchframe Sale and Leaseback
Wall Street Direct Loans Partners Corporation purchased and leased back the office headquarters and central production facility for Matchframe Video, a state of the art digital and high definition post production company serving the television, film and video media markets. Wall Street Direct Loans Partners Corporation purchased the real estate as an equity principal from the company founders for this real estate in Burbank, California.


Transaction Size
$14,000,000
FEMA Regional Headquarters Financing
Denton Plaza Partners, the owner and developer of the Federal Emergency Management Agency (FEMA) regional headquarters, engaged Wall Street Direct Loans to provide a fixed rate permanent funding for the real estate. The real estate was leased to the United States of America through a General Services Administration (GSA) program. Wall Street Direct Loans underwrote and funded a combined construction – permanent fixed rate real estate loan with staged closings prior to construction and post-completion for this real estate in Denton, Texas.


Transaction Size
$149,000,000
Walgreen Co. Sale-Leaseback
Walgreen Co., the operator of over 5,000 drugstores in the United States, entered into a sale and leaseback contract with Cornerstone for 42 of its free-standing, newly-built drug stores in 17 states. Wall Street Direct Loans underwrote and funded the financing secured by first mortgages and deeds of trust on the properties together with the lease and lease payments. Wall Street Direct Loans Partners Corporation funded and structured the equity component by providing equity and taking ownership of the real estate.


Transaction Size
$11,000,000
Max & Erma’s Multi-Site Build-to-Suit
Max & Erma’s is a 35-year old company which owns, operates or franchises 103 Max & Erma’s 103 casual dining restaurants in 12 states. Wall Street Direct Loans Partners entered into a multi-year commitment to fund and own four (4) new to-be-built restaurants leased to the company on a reverse build-to-suit basis. Under the arrangement, Max & Erma’s selects its sites and uses its own real estate and development personnel to construct the improvements, and Cornerstone purchases the land and funds construction draws as the restaurant is completed.


Transaction Size
$25,000,0000
Community Academy School Financing
Community Academy Public Charter School (CAPCS) is a premier charter school providing high quality educational options to students from pre-school through 8th grade at multiple campuses. CAPCS needed capital to fund an expansion of its educational buildings and facilities at three campuses in Washington, DC. Wall Street Direct Loans provided a permanent financing with staggered terms over a 30 year period. The structured debt provided long-term debt at low, tax-exempt fixed rates for CAPCS.


Transaction Size
$57,800,000
Strongtower Financial Securitization
Strongtower Financial, Inc. (STF), formerly known as California Plan of Church Finance (CPCF) engaged Wall Street Direct Loans to securitize mortgage backed notes and certificates. Wall Street Direct Loans underwrote and funded the securitization which was based on a trust pool of fixed rate mortgage bonds issued by churches and other non-profit organizations and secured by first lien mortgages on real estate together with certificates of participation issued by California Baptist Foundation and secured by assets of a loan fund operated by California Baptist Foundation. Wall Street Direct Loans’s funding of the transaction provided liquidity to Strongtower Financial to replenish its funds for new originations.


Transaction Size
$65,000,000
California Baptist University Financing
California Baptist University, a California non-profit religious organization, engaged Wall Street Direct Loans to provide tax-exempt floating rate note financing for funding certain real estate and educational facilities at its campus in Riverside, California. Wall Street Direct Loans worked with the Colorado Educational and Cultural Facilities Authority to issue tax-exempt notes through the Colorado authority and apply the proceeds to the California project. Wall Street Direct Loans employed liquidity enhancements from both the Evangelical Christian Credit Union (ECCU) and the Western Corporate Credit Union (WesCorp).


Transaction Size
$5,500,000
Prime Products Industrial Bond Financing
Prime Products, an affiliate of Pennant Companies, engaged Wall Street Direct Loans to provide tax-favored financing through Industrial Development Revenue Bond. Wall Street Direct Loans worked with the requirements of the Miami County Economic Development Commission and used Bank One for liquidity enhancement. Wall Street Direct Loans structured and funded a tax-exempt financing for Prime to acquire manufacturing machinery and equipment to be used in its operations to machine components for compressors in its Indiana facility.


Transaction Size
$9,700,000
First Merit Corporation Financing
First Merit Corporation, the holding company for First Merit Bank, engaged Wall Street Direct Loans to provide an institutional funding solution for its corporate headquarters in conjunction with a recapitalization of a related joint venture. Wall Street Direct Loans structured and funded a synthetic lease financing with for the building and also participated in the joint venture structure for First Merit for its offices in Akron, Ohio.


Transaction Size
$8,000,000
YMCA Marion Financing
The Young Men’s Christian Association (YMCA) of Marion County engaged Wall Street Direct Loans to provide tax-favored financing through Variable Rate Demand Revenue Bonds. Wall Street Direct Loans worked with the requirements of Marion County and used Sky Bank for liquidity enhancement. Wall Street Direct Loans structured and funded a tax-exempt financing for YMCA to construct and equip an 80,000 square foot facility which included two pools, a wellness center, multipurpose game room, two gymnasiums, and indoor racquetball courts in Marion, Ohio.


Transaction Size
$10,500,000
Owens-Illinois Synthetic Lease Financing
Owens-Illinois Closure Inc., an affiliate of Owens-Illinois, engaged Wall Street Direct Loans to provide a securitized funding solution for its manufacturing facility. Wall Street Direct Loans structured and funded a synthetic lease financing with the tax advantages of a loan and liquidity enhancements from Bankers Trust to permanently fund Owen-Illinois Closure Inc. real estate manufacturing facility in Bowling Green, Ohio .


Transaction Size
$22,000,000
DEA Regional Headquarters Financing
Riverton Partners, the owner and developer of the Drug Enforcement Agency (DEA) regional headquarters and secure facility, engaged Wall Street Direct Loans to provide a fixed rate permanent funding for the real estate. The real estate was leased to the United States of America through a General Services Administration (GSA) program. Wall Street Direct Loans underwrote and funded a combined construction – permanent fixed rate real estate loan with staged closings prior to construction and post-completion for this real estate in St. Louis, Missouri.
  CVS Pharmacy Joint Venture
Transaction Size: $9,000,000

Wall Street Direct Loans Partners provided joint venture equity to a company formed with developer partners for the purpose of constructing a build-to-suit CVS retail pharmacy store in Foxborough, Massachusetts. Cornerstone’s cash equity and support of the construction banking relationship enabled the developer partners to limit financial exposure while obtaining all cash required to complete the project.
  Mid-States Development Financing
Transaction Size: $13,500,000

Mid-States Development Corporation, a real estate development and ownership firm, engaged Wall Street Direct Loans to provide floating rate financing through bonds issued by Cornerstone Funding Corporation. Wall Street Direct Loans arranged liquidity enhancement for this financing through Charter One Bank. Wall Street Direct Loans structured and funded a taxable, floating rate financing for Mid-States to own and operate real estate in Ohio.
Adesa Synthetic Lease Financing
Transaction Size: $28,000,000

Adesa Corporation, a former affiliate of Minnesota Power and Light, engaged Wall Street Direct Loans to provide a securitized funding solution for its automobile auction facilities. Wall Street Direct Loans structured and funded a synthetic lease financing with the tax advantages of a loan and liquidity enhancements from Sun Trust Bank to permanently fund Adesa’s real estate auction facilities in Charlotte North Carolina, Framingham Massachusetts, and Knoxville Tennessee.


Van Dyk Office Financing
Transaction Size: $22,000,000

Van Dyk Office LLC, a real estate development and operating firm, engaged Wall Street Direct Loans to provide floating rate financing through bonds issued by Cornerstone Funding Corporation. Wall Street Direct Loans arranged liquidity enhancement for this financing through Charter One Bank. Wall Street Direct Loans structured and funded a taxable, floating rate financing for Van Dyk Office to construct, own and operate real estate in Michigan and nationwide.
Faith Fellowship Financing
Transaction Size: $10,000,000

Faith Fellowship Ministries, a New Jersey non-profit corporation, engaged Wall Street Direct Loans to provide floating rate financing through bonds issued by Cornerstone Funding Corporation. Wall Street Direct Loans arranged liquidity enhancement for this financing through Commerce Bank. Wall Street Direct Loans structured and funded a taxable, floating rate financing for Faith Fellowship to construct, own and operate real estate in New Jersey.
Adas Yeshurun Financing
Transaction Size: $3,300,000

Congregation Adas Yeshurun Anshe Kanesses Israel, an Illinois non-profit corporation, engaged Wall Street Direct Loans to provide tax-favored financing through Adjustable Rate Demand Revenue Bonds. Wall Street Direct Loans worked with the requirements of the Illinois Finance Authority and used Fifth Third Bank for liquidity enhancement. Wall Street Direct Loans structured and funded a tax-exempt financing for Adas Yeshurun to acquire, renovate, equip and furnish real estate in Chicago, Illinois.
WMC Financial, LLC Financing
Transaction Size: $9,200,000

WMC Financial, an Ohio limited liability company, engaged Wall Street Direct Loans to provide floating rate financing through bonds issued by Cornerstone Funding Corporation. Wall Street Direct Loans arranged liquidity enhancement for this financing through Charter One Bank. Wall Street Direct Loans structured and funded a taxable, floating rate financing for WMC Financial to construct, own and operate real estate in Ohio.
Meacham Development Financing
Transaction Size: $7,200,000

Meacham Development, a Texas limited liability company, engaged Wall Street Direct Loans to provide floating rate financing through bonds issued by Cornerstone Funding Corporation. Wall Street Direct Loans arranged liquidity enhancement for this financing through both TexasBank and Fifth Third Bank. Wall Street Direct Loans structured and funded a taxable, floating rate financing for Meacham to construct, own and operate real estate in Texas.
Agganis Properties Financing
Transaction Size: $2,900,000

Agganis Properties, an Ohio limited liability company, engaged Wall Street Direct Loans to provide floating rate financing through bonds issued by Cornerstone Funding Corporation. Wall Street Direct Loans arranged liquidity enhancement for this financing through Charter One Bank. Wall Street Direct Loans structured and funded a taxable, floating rate financing for Agganis to construct, own and operate real estate in Ohio.
M Properties Financing
Transaction Size: $11,200,000

M Properties LLC, a real estate development and operating firm, engaged Wall Street Direct Loans to provide floating rate financing through bonds issued by Cornerstone Funding Corporation. Wall Street Direct Loans arranged liquidity enhancement for this financing through Fifth Third Bank. Wall Street Direct Loans structured and funded a taxable, floating rate financing for M Properties to construct, own and operate real estate in Michigan and nationwide.
Cavaliere Rochester Financing
Summit Corporate Financing

Transaction Size: $13,100,000

Cavaliere Rochester and Summit Corporate Centre, real estate development and operation firms, engaged Wall Street Direct Loans to provide floating rate financing through bonds issued by Cornerstone Funding Corporation. Wall Street Direct Loans arranged liquidity enhancement for this financing through both Flagstar Bank and Fifth Third Bank. Wall Street Direct Loans structured and funded a taxable, floating rate financing for Cavaliere and Summit to construct, own and operate real estate in Michigan and nationwide.
Affiliated Managers Group (AMG) Financing
Transaction Size: $19,000,000

Affiliated Managers Group (AMG), the Boston-based professional equity and financial asset management firm, engaged Wall Street Direct Loans to provide a securitized funding solution for its newly constructed corporate headquarters. Wall Street Direct Loans structured and funded a synthetic lease financing with the tax advantages of a loan and liquidity enhancements from both Provident Bank and Bank One to permanently fund AMG’s office headquarters in Beverly, Massachusetts.
Primax Properties, LLC
Transaction Size: $3,700,000

Primax Properties, LLC
Primax Properties, a real estate development firm, engaged Wall Street Direct Loans to provide floating rate financing through bonds issued by Cornerstone Funding Corporation. Wall Street Direct Loans structured and funded a taxable, floating rate financing for Primax to own and operated real estate in North Carolina.
Fergus Companies Financing
Transaction Size: $6,500,000

Fergus Companies, a real estate development firm, engaged Wall Street Direct Loans to provide floating rate financing through bonds issued by Cornerstone Funding Corporation. Wall Street Direct Loans structured and funded a taxable, floating rate financing for Fergus Companies to construct, own and operate retail real estate in New York.
Mid-States Development Financing
OCAL Lifestyle Financing
H&G, LLF Financing
Busch Commerce Financing
North Center Properties Financing
Cranberry Outparcels Financing

Transaction Size: $19,100,000

Multiple, independent real estate holding and development companies separately engaged Wall Street Direct Loans to provide floating rate financing through bonds issued by Cornerstone Funding Corporation. Wall Street Direct Loans structured and funded a taxable, floating rate financing and combined multiple borrower notes into a seamless integrated financing for efficiencies. Wall Street Direct Loans provided capital to Mid-States, OCAL, H&G, Busch, North Center Properties and Cranberry to construct, own and operate real estate properties nationwide.
Stonewood East Partners Financing
Transaction Size: $9,200,000

Stonewood East Partners, a real estate development firm, engaged Wall Street Direct Loans to provide floating rate financing through bonds issued by Cornerstone Funding Corporation. Wall Street Direct Loans arranged liquidity enhancement for this financing through both SunTrust Bank and S&T Bank. Wall Street Direct Loans structured and funded a taxable, floating rate financing for Stonewood East Partners to construct, own and operate retail real estate in Pennsylvania.
Grace Christian Schools Financing
Transaction Size: $2,500,000

Grace Christian Schools engaged Wall Street Direct Loans to provide tax-favored financing through Economic Development Revenue Bonds. Wall Street Direct Loans worked with the requirements of St. Joseph County and used Bank One for liquidity enhancement. Wall Street Direct Loans structured and funded a tax-exempt financing for Grace Baptist Church to construct and equip an affiliated school for Kindergarten through grade 12 in Granger, Indiana.
Public Credit Financing
Westerville Storage Properties Financing
Transaction Size: $12,600,000

Multiple, independent real estate holding and development companies separately engaged Wall Street Direct Loans to provide floating rate financing through bonds issued by Cornerstone Funding Corporation. Wall Street Direct Loans structured and funded a taxable, floating rate financing with liquidity enhancement from Fifth Third Bank and Sky Bank and combined multiple borrower notes into a seamless integrated financing. This provided capital to Public Credit and Westerville Storage to construct, own and operate real estate properties nationwide.
Michigan Storage Center Financing
Transaction Size: $5,700,000

Michigan Storage Center, a real estate development firm, engaged Wall Street Direct Loans to provide floating rate financing through bonds issued by Cornerstone Funding Corporation. Wall Street Direct Loans arranged liquidity enhancement for this financing through National City Bank. Wall Street Direct Loans structured and funded a taxable, floating rate financing for Michigan Storage Center to construct, own and operate real estate in Michigan.
Novi 3 & Novi 6 Financing
Novi 3 and Novi 6, real estate development firms, engaged Wall Street Direct Loans to provide floating rate financing through bonds issued by Cornerstone Funding Corporation. Wall Street Direct Loans arranged liquidity enhancement for this financing through Charter One Bank. Wall Street Direct Loans structured and funded a taxable, floating rate financing for Novi to construct, own and operate real estate in Michigan.
Leap Holdings Financing
Transaction Size: $10,600,000

Leap Holdings, LLC, a real estate development firm, engaged Wall Street Direct Loans to provide floating rate financing through bonds issued by Cornerstone Funding Corporation. Wall Street Direct Loans arranged liquidity enhancement for this financing through both S&T Bank and SunTrust Bank. Wall Street Direct Loans structured and funded a taxable, floating rate financing for Leap Holdings to construct, own and operate real estate in Florida and nationwide.
Big Valley Grace Community Church Financing
Transaction Size: $5,000,000

The Big Valley Grace Community Church of Modesto, California engaged Wall Street Direct Loans to provide floating rate financing. Wall Street Direct Loans used Wells Fargo Bank for liquidity enhancement. Wall Street Direct Loans structured and funded a taxable, floating rate financing for Big Valley Grace Community Church to construct, own and operate real estate in Modesto, California.
Cavaliere Holdings Financing
Transaction Size: $11,200,000

Cavaliere Investments, Tutor Time Construction and Washington Village Professional, real estate development firms, engaged Wall Street Direct Loans to provide floating rate financing through bonds issued by Cornerstone Funding Corporation. Wall Street Direct Loans arranged liquidity enhancement for this financing through both Flagstar Bank and Fifth Third Bank. Wall Street Direct Loans structured and funded a taxable, floating rate financing for Cavaliere to construct, own and operate real estate in Michigan and nationwide.
Longview Baptist Financing
Transaction Size: $4,700,000

Longview Baptist Temple, a Texas non-profit religious corporation, engaged Wall Street Direct Loans to provide floating rate financing through bonds issued by Cornerstone Funding Corporation. Wall Street Direct Loans arranged liquidity enhancement for this financing through Comerica Bank. Wall Street Direct Loans structured and funded a taxable, floating rate financing for Longview Baptist to construct, own and operate real estate in Longview, Texas.
Stalking Horse

Wall Street Direct Loans Partners entered into a binding purchase and sale agreement with Penn Traffic for the purchase of a 134,000 square foot shopping center on 15 acres in Ohio in coordination with the seller’s proceedings through the US Bankruptcy Court. Cornerstone’s investment and role as stalking horse bidder enabled the seller and the bankruptcy court to achieve their liquidation goals. Cornerstone’s commitment to purchase the property was the basis for a joint venture equity investment with a strategic partner.


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"It was great working with Cornerstone. You delivered to Primax exactly what you promised to us in our first meeting in our offices.

Cornerstone Funding Corporation, through its issuance of Floating Rate Notes, financed seven Advance Auto Stores, one on a land lease, and delivered to us the exact dollar amount that we requested at a very low interest rate with no pre-payment penalties.

Primax looks forward to financing our next pool of properties with Cornerstone."

Marie R. McLucas, CPA, CMA
Chief Financial Officer
PRIMAX Properties, LLC