CRONHEIM MORTGAGE ARRANGES $30,000,000 FINANCING

FOR CATERPILLAR WAREHOUSE FACILITY

YORK, 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 Insurance Company. 

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.