8D — November 9 - 22, 2018 — Lender’s Directory — Financial Digest — Mid Atlantic Real Estate Journal
www.marejournal.com
L ender ’ s D irectory
CHC secures $6,240,000 acquisition financing for Holiday Inn Express - Waldorf, MD Cronheim closes $9.62MM financing on North Carolina grocery anchored retail center
REENSBORO, NC — Cronheim Mortgage arranged financing to- taling $9.62 million for Golden Gate Shopping Center located in Greensboro. Golden Gate Shopping Cen- ter is a 151,371 s/f grocery anchored shopping center on approximately 11.5 acres of land. Built in 1962 and 1987, renovated in 2001, and subse- quently improved in 2014, the property is anchored by Food Lion, a subsidiary of Ahold Delhaize, a world-leading food retailer, and junior anchored by Planet Fitness and Air G
Fun Trampoline Park. The property was 100% occupied at time of closing and hosts a unique and diverse roster of global, national, regional, and government tenants, a mix of grocery, retail, entertainment, lifestyle, service, medical, and restaurant spaces. Food Lion is one of the largest and strongest grocers in the Southeast with more than 1,089 supermarkets in 10 states of the Southeast- ern United States with about 63,000 employees. The property is well posi- tioned at the hard signalized intersection of East Cornwal- lis Dr. and Golden Gate Dr. Greensboro, NC is the third- largest city by population in the state, the largest city in Guilford County, and the larg- est city in the surrounding Piedmont Triad metropoli- tan region, which consists of Greensboro, High Point, Win- ston Salem and Alamance County. The Piedmont Triad's economy is stable and very diverse, and many of the na- tion's most respected compa- nies have major operations in Greensboro, including Procter & Gamble and Lenovo. The loan was structured with a 10-year term with two years of interest-only and a subse- quent amortization over a 30- year period for the borrower, an entity managed by The Bedrin Organization . Cronheim Hotel Capital (CHC) has arranged acquisi- tion financing of $6.24 million for the Holiday Inn Express located in Waldorf, MD. The loan was placed with a national lender and offered a 10-year term and 30-year amortization. The 91-key property was con- verted from a Days Inn by the seller in 2014. During their first year of ownership, the borrower will complete a PIP which will make the property fully compli- ant with IHG’s current brand standards. Jeffrey Pacailler , director at CHC commented: “Waldorf, MD is a small market with limited demand drivers and some new supply that was impacting recent performance at the property. We made sure the lender understood the temporary dip in performance and focused on gathering and presenting data to support the historical strength of the asset and the continued demand go- ing forward. This info was key to getting the deal done at at- tractive terms.”
Golden Gate Shopping Center
YOU’VE BEEN PLANNING. LET’S GET BUILDING.
Walter Sierotko , EVP 732.726.5516
TOTAL TEAM LENDING
C O M M I T M E N T Y O U C A N C O U N T O N. SM
RECENTLY FINANCED
MIXED-USE PERMANENT LOAN HOBOKEN, NJ $10,325,000
HOTEL CONSTRUCTION PERMANENT LOAN SOUTH BRUNSWICK, NJ $12,000,000
www.Provident.Bank
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