CRONHEIM MORTGAGE ARRANGES $5,600,000 FINANCING

FOR MEDICAL OFFICE BUILDING IN BOCA RATON, FLORIDA

BOCA RATON, FL – David Cronheim Mortgage Corporation has secured financing of $5,600,000 for a two-story medical office building located in Boca Raton, Florida.  The loan has a 5-year term and 25-year amortization. 

The subject, which is situated on a 3.41-acre parcel, contains approximately 44,025 square feet of rentable space.  Constructed in 1981, the building has a unique design that resembles the style of an outdoor mall.  The first story primarily consists of covered ground-floor parking while the second story has an open roof in the center of the structure and medical office units with exterior entryways from the exposed center courtyard.  The subject is 96.5% leased to 23 tenants, with the largest tenants being Boca Pediatric, Boca Therapy, and Baumel Eisner. 

The property is located at 5458 Town Center Road, just west of Military Trail, in an unincorporated pocket of Boca Raton, Palm Beach County, Florida.  Interstate 95 is located approximately one-half mile east of the subject and The Florida Turnpike is within approximately 3 miles.  Palm Beach County has the highest per capita income level and the fourth highest buying power index in the state of Florida.  Due in large part to Boca Raton’s contribution to these rankings, the community has a large concentration of legal and medical practitioners as well as highly competitive financial community presence offering full service banking and trust services.