2-13-15

10A — February 13 - 26, 2015 — M id A tlantic

Real Estate Journal

www.marejournal.com

F inancial D igest Cronheim Mortgage and Cronheim Hotel Capital close $280m in one month Cronheim arranges $19.6m on behalf of Monmouth Real Estate Investment Corp.

RANKFORT, KY — Dev Morris and An- drew Stewart have arranged acquisition financ- ing of $19.6 million for a new distribution facility located in the heart of “Bourbon County”. The 10-year fixed-rate loan was placed with Integrity Life Insurance Company, whom Cronheim represents as corre- spondent and servicing agent. The interest rate was locked on a forward commitment ba- sis, 6 months prior to closing. The subject property is a newly constructed 599,840 s/f, class A industrial build- F

CEDAR KNOLLS, NJ — Woodmont Properties has secured a long-term per- manent loan for Woodmont Knolls at Hanover, the com- pany’s newest luxury apart- ment community in the Cedar Knolls section of Hanover Twp. The financing, provided by Valley National Bank , enables Woodmont to secure permanent financing for the property, which is now fully leased. “With Woodmont Knolls at Hanover benefitting from high occupancy in a robust rental market, we received a high level of interest from a large number of real estate lenders including banks and insur- ance companies,” said David Trager , chief investment of- ficer of Woodmont Properties. “Ultimately, we chose to work with Valley National Bank due to their flexibility and favorable terms.” n mortgage financing forWoodmont Knolls at Hanover We are looking for new, quality transactions to add to our already strong pipeline for 2015. Low rates and capital liquidity are creating a very attractive borrowing climate. It’s not too early to discuss 2015 or 2016 loanmaturities. n Woodmont Props. receives first ing, situated upon 92 acres in Frankfort, Kentucky. The facility is adjacent to one of the tenant’s main distilleries and one mile north of I-64, the major distribution corridor be- tween Louisville and Lexing- ton, and is ideally situated to capitalize on the international resurgence of bourbon sales. IN ADDITION. . . CronheimMortgage and its hotel finance affiliate, Cron- heim Hotel Capital , have closed $280m in transactions in the past 30 days to end 2014 with a bang. This caps another strong year for Cron- heim with 2014 financings closed in 13 states on retail, hotel, industrial, multifam- ily, office and medical office assets. Our clients continue to rely on us for our strong capital relationships, including our 13 insurance company cor- respondents, creativity and superior transaction skills.

FANNIE MAE LOAN $27,075,000 Acquisition of 196-unit garden apartments Yardley, PA

FREDDIE MAC LOAN $10,137,000 Acquisition of 120-unit garden apartments Dover, DE

FHA 221(D)(4) LOAN $23,025,300 Newconstruction financing 160-unit garden apartments Frederick, MD

CONDUIT LOAN $20,000,000 Acquisition of 182,583 sf retail center Phillipsburg, NJ

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Understanding what’s important. At M&T, we know that growing and maintaining strong relationships with our customers truly matters. This is how our experienced origination, underwriting and asset management teams provide financing solutions that meet each borrower’s unique needs. And our customers like the way we do business. We’re proud that 75% of our new business comes from repeat borrowers. Find out how you can become one of them.

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