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