CRONHEIM MORTGAGE ARRANGES $29,000,000 FOR

RETAIL PROPERTIES IN WISCONSIN, ILLINOIS, MINNESOTA, AND TEXAS

 

WI, IL, MN, and TX – David Turley of David Cronheim Mortgage Corporation has arranged financing of $29,000,000 for four retail properties occupied by Gander Mountain Co. located in Green Bay, WI; Joliet, IL; Woodbury, MN; and Texarkana, TX. The loan carries a 10-year term with five years of interest only and then amortized over 30 years.

 

In Green Bay, Wisconsin, financing of $5,078,000 was arranged for a 45,770 square foot Gander Mountain-occupied retail property situated on 5.648 acres of land. The subject property is located in the northwest quadrant of the intersection of US Highway 41 and State Highway 29 in the northwest side of the city. The property is adjacent to 150,000 square foot Woodman’s supermarket and across from a Home Depot.

 

In Joliet, Illinois, financing of $7,555,000 was arranged for a 66,796 square foot Gander Mountain-occupied retail property situated on 6.88 acres of land. The subject property is located in the northeast quadrant of the intersection of Interstate 55 and Route 33, across the street from the Joliet Mall, a 902,174 square foot regional shopping center anchored by Sears JC Penny, Marshall Field’s and Carson Pirie Scott.

 

In Woodbury, Minnesota, Cronheim Mortgage arranged financing of $10,192,000 for a 67,102 square foot Gander Mountain-occupied retail property situated on 6.658 acres of land. The subject property is located in the southeast quadrant of the intersection of Interstate 94 and Woodbury Drive with excellent visibility from the interstate.  The property is located adjacent to a new Wal-Mart anchored retail center and down the street from a new luxury condo/townhouse development.

 

In Texarkana, Texas, Cronheim Mortgage arranged financing of $6,175,000 for a 66,083 square foot Gander Mountain-occupied retail property situated on 7.0 acres of land. The subject property is located just off Interstate 30 west of US Highway 59. The property is located across the highway from a planned approximately 1,000,000 square foot regional mall. National retailers such as Home Depot, Target, Lowe’s, and Wal-Mart are located in the immediate vicinity.

 

Gander Mountain is the nation's largest retail network of stores for hunting, fishing, camping, marine and outdoor lifestyle products and services.  The company has 99 stores located in Arkansas, Colorado, Illinois, Indiana, Iowa, Kansas, Kentucky, Maryland, Michigan, Minnesota, New York, North Carolina, North Dakota, Ohio, Pennsylvania, Texas, Virginia and Wisconsin.  The year-end total revenue for January 28, 2006 is $804,474,000.  This is a 10.2% increase from total revenue in January of 2005.