TransaCtions

Selected Cornerstone Transaction Summary Information
 

Investment
WAUSEON MACHINE
Cornerstone Capital Partners made a long term investment in Wauseon Machine. Wauseon continues to be a privately held company able to make great long-term decisions and commitments that are sound and complete providing the members of Wauseon a stable foundation and capital to pursue its goals while retaining its excellent culture.


Transaction Size
$245,000,000
HELOC Portfolio Purchase
Cornerstone Capital 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 Cornerstone Capital Corporation to provide a securitized funding solution for its newly constructed Con Agra Global Trading Facility on the ConAgra corporate campus in Omaha, Nebraska.

Cornerstone Capital Corporation 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 Cornerstone Capital Corporation to provide an institutional funding solution for its newly constructed corporate headquarters.

Cornerstone Capital Corporation 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
$6,600,000
Wendy's Sale and Leaseback
Cornerstone Capital 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. Cornerstone Capital 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
Cornerstone Capital 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. Cornerstone Capital 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
Cornerstone Capital Partners Corporation purchased restaurant real estate net-leased to a franchisee of Wendy’s International, Inc. in a multi-party simulated sale leaseback transaction. Cornerstone Capital 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
Cornerstone Capital 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. Cornerstone Capital Partners Corporation worked as principal to lease the site to CVS and coordinated with Cornerstone Capital Corporation in a financed sale of the completed project to Mid States Development.


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


Transaction Size
$8,300,000
Matchframe Sale and Leaseback
Cornerstone Capital 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. Cornerstone Capital 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 Cornerstone Capital Corporation 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. Cornerstone Capital Corporation 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. Cornerstone Capital Corporation underwrote and funded the financing secured by first mortgages and deeds of trust on the properties together with the lease and lease payments. Cornerstone Capital 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. Cornerstone Capital 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
$9,700,000
First Merit Corporation Financing
First Merit Corporation, the holding company for First Merit Bank, engaged Cornerstone Capital Corporation to provide an institutional funding solution for its corporate headquarters in conjunction with a recapitalization of a related joint venture. Cornerstone Capital Corporation 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
$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 Cornerstone Capital Corporation 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. Cornerstone Capital Corporation 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

Cornerstone Capital 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.
Stalking Horse

Cornerstone Capital 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