12A — April 13 - April 26, 2012 — Financial Digest — Mid Atlantic Real Estate Journal
www.marejournal.com
C REATIVE F INANCING
EMPHIS , TN — Cronheim Mortgage has arranged a $9.9 million first mort- Turley and McMahon arrange $8 million financing for Pittsburgh Hampton Inn Cronheim Mortgage structures $9.9 million for 449,900 s/f facility M entire building in 2008.
In suburban Pittsburgh, PA, David Turley and Lisa McMa- hon of Cronheim Mortgage arranged an $8 million, 70% LTV, permanent mortgage loan for a 107-key Hampton Inn. After an extensive mar- keting effort, Turley placed the 10-year, non-recourse loan with a commercial bank. The rate was locked at 5.85%. The borrower, a partner- ship between a NYC-based investment company and a large regional third party manager and operator, identi- fied the 61-key Hampton Inn on McKnight Rd. in 2008 as a value-add acquisition target. In spite of a tough operating climate and uncertain future, the sponsor expanded the ho- tel to 107 keys, constructed an indoor pool/fitness annex, and renovated the original rooms, common areas and lobby. “The renovation/expansion dra- matically improved the guest experience and created econo- mies of scale that improved the efficiency of operations,” noted Lisa McMahon. “This was not an easy assign- ment, but we are very pleased with the outcome,” said David Turley. “Our financing took out the sponsor’s construction loan and returned about $750,000 of equity capital while secur- ing a very attractive debt rate for a long term hold. We leveraged a close lender rela- tionship to provide a superior result.” ■ TD Bank names PeterHogan as vice president, portfolio manager PHILADELPHIA PA — TD Bank, America’s Most Con- venient Bank, has promoted Peter Hogan to vice president, portfolio manager in com- mercial real estate lending in Philadelphia. He is responsible for managing a $100+ million portfolio of commercial real estate loans among approxi- mately 75 client facilities in Metro Philadelphia. Hogan has 10 years of experi- ence in commercial real estate. He joined TD Bank in 2007 and most recently served as an as- sistant vice president, senior credit analyst in commercial real estate lending in Philadel- phia. Prior to joining TD Bank, Hogan worked as a senior lease auditor at KBA Lease Services in Woodbridge, NJ. ■
gage on 5025 Tuggle Rd., a facility 100% occupied by FedEx Global Supply Chain Services. The 12 year loan was arranged by Dev Morris and Andrew Stewart and was placed with First SunAmer- ica Life Insurance Company whom Cronheim represents as correspondent and servic- ing agent. The subject, built in 1994, was originally utilized by both Nike and FedEx. FedEx ex- panded from 297,000 s/f to the
Andrew Stewart
Dev Morris
David Turley
5025 Tuggle Rd.
Lisa McMahon
973.635.6800 info@cronheimmortgage.com
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