CRONHEIM MORTGAGE ARRANGES $30,000,000
FOR CATERPILLAR WAREHOUSE FACILITY
PA – Andrew Stewart and Dev Morris of David Cronheim Mortgage
Corporation have secured
financing in the amount of $30,000,000 for a 1,075,461 square foot warehouse
located at 600 Memory Lane in York, York County, PA. The loan, which has a 5-year term and a 25-year amortization,
was placed on behalf of YorkKat Realty, LLC with lenders SunAmerica Life
Insurance Company and AIG Annuity
The property is 100% leased by Caterpillar, which
has a S&P credit rating of “A” and has occupied the building since its
original construction in 1953. It
consists of a single, one-story warehouse situated on a parcel of 64.22 acres
in Springettsbury Township, Pennsylvania.
Clear ceiling heights average between 12 feet and 42 feet, with the
lower ceiling areas providing for the storage of heavy machinery and parts.
Partially wet-sprinklered, the warehouse features 32 loading docks and 13
drive-in doors. On the site’s extra 25 acres of land, concrete pads provide
additional outdoor parking spaces for large equipment. Approximately 400,000 square feet of
additional space is used as outdoor storage.
The facility is situated on the southwest
corner of Route 30 and Memory Lane in the York submarket of Central
Pennsylvania, near the Route 30 and I-83 interchange. Nearby commercial uses are
concentrated along East Market Street (Route 462), Route 30, and Route 74. The
neighborhood is considered to have good access via a combination of highways and
state routes. York has historically been a manufacturing hub but continues to be
a popular distribution hub given its location and access to interstate highways.