14A — June 8 - 21, 2018 — Creative Financing — Financial Digest — M id A tlantic

Real Estate Journal


C reative F inancing

$27.5MM Non-Recourse Bridge Financing for TN Shopping Center Cronheim/CHC closes 10 in three weeks for $123 millions

ronheim Mortgage and Cronheim Hotel Capi- tal announced 10 clos- ings in three weeks totaling $123 million. The loans were secured for a variety of property types: hotel, retail, industrial and self storage. The financings were placed with banks, bridge funds and CMBS lenders with terms ranging from 2 years to 10 years. The properties are located in seven states: New Jersey, Ohio, Georgia, Texas, Montana, Missouri and Mary- land. Andrew Stewart noted: “We’ve had a great first half of the year but a 10-deal run C

course bridge to perm cash outs to cheap long-term debt - and our ability to close deals any- where our clients need us to.” In Cookeville, TN, Cronheim Mortgage secured a non-re- course bridge loan for Jackson Plaza, a 350,742 s/f grocery- anchored power center. While the property is 98% leased, the sponsor identified an oppor- tunity to add value by buying Sears out of its ground lease and re-tenanting the space at the much higher market rent. The client, Stonemar Prop- erties , a NYC-based retail operator in partnership with an institutional equity partner, were facing a debt maturity and opted for the bridge structure to provide funds for re-tenanting of the Sears space. Cronheim was successful in obtaining a flexible structure that funds capital as required, thereby keeping down overall carry costs. “The Cronheim team did a great job for us,” said Stone- mar’s co-managing member, Jonathan Gould . “Jackson Plaza is the dominant center in Cookeville with excellent tenant sales but some lenders couldn’t get their arms around the story and the market. We knew this was a great value- add play and, with the right debt structure, are on our way to realizing the business plan.”  Blawenburg, NJ retail storeexpands footprint withM&T Bank&EDA support Blawenburg, NJ — When husband-and-wife Ron and Kristin Menapace opened their store in the heart of Princeton in 2012, their focus was on furniture. Ron had made furniture for 25 years and the couple wanted to fill what they saw as a void in the local marketplace. To accommodate overflow in- ventory from its storefront in Princeton, Homestead Princ- eton had also been leasing 2,000 s/f of space within a warehouse in Blawenburg, a section of Montgomery. Last month, the company closed on an M&T Bank loan that included a participa- tion from the New Jersey Economic Development Authority (EDA) . The loan supported Homestead Princ- eton’s purchase of the entire warehouse. 

in three weeks is noteworthy. We work hard to advocate for our clients and deliver great results. Our client base is ex- panding as a result, and we’re proud of that.” David Turley added: “These closings represent our range of proficiencies - from non-re- Andrew Stewart David Turley

Jackson Plaza

RCA Places Financing for the Full Range of Commercial Real Estate Assets: Retail, Office, Industrial, Healthcare, Hospitality, Multi-Family, Development $1,000,000 to $100,000,000


Medical Buildings

Retail/Shopping Centers


Office Buildings

Mixed-Use Projects

Call (215) 989-4443 for a FREE Analysis of Your Property

Andrew Beauchemin Business Development andrew@rittenhousecapital.com

Joseph Hanuscin VP, Lending Operations joe@rittenhousecapital.com

George Johnson, Jr. President & CEO george@rittenhousecapital.com

James Grande Business Development james@rittenhousecapital.com

For information visit www.RittenhouseCapital.com

Made with FlippingBook flipbook maker