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CRONHEIM MORTGAGE ARRANGES $12,792,000 FOR MEDICAL OFFICE PORTFOLIO IN 7 STATES
NJ, NC, MI, PA, VA, SC – David Turley and Chris Redzinski of David Cronheim Mortgage Corporation have secured $12,792,000 of financing for a nine-property renal dialysis clinic portfolio located in seven states. The portfolio comprises 108,323 square feet; the individual properties range in size from 7,000 square feet to 26,100 square feet. The loan carries a 10-year term and 30-year amortization at 79% loan-to-value. The properties are each occupied by a single tenant, DaVita Inc, the second largest provider of renal dialysis in the United States. The tenant is currently rated BB- by Standard & Poors. The properties were converted to their current use from a variety of previous uses, including retail and industrial as well as office and medical office. The locations vary from an infill urban Philadelphia location to a rural setting in Santee, South Carolina. A couple of the properties are adjacent to or within close proximity of local hospitals, but several locations are located many miles from the nearest major healthcare facility.
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