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NATIONAL FOOTPRINT

Backed by a century’s worth of knowledge and expertise, Cronheim Mortgage provides a vast array of real estate services, including debt and equity for investment grade real estate. By leveraging the strong correspondent and/or servicing relationships we have cultivated with our institutional investors, including many insurance companies, we have continuously had access to substantial debt and equity capital to invest in quality real estate at pricing well below alternative sources, especially for long-term debt. We stand out from our competitors with our strong debt servicing portfolio, currently in excess of $2,000,000,000.  Moreover, through our Channel Real Estate Funds affiliate, we have efficiently and cost-effectively provided mezzanine and equity capital for numerous real estate assets. We have placed debt/equity and serviced in 30 states, and continue to capitalize on new opportunities.

REPRESENTATIVE TRANSACTIONS

To view more of our hospitality representative transactions, please visit our hospitality branch, CRONHEIM HOTEL CAPITAL, at http://www.chccapital.com/

Cronheim Secures $33.5MM for Renovated Retail Center in Fairless Hills, PA



Cronheim Mortgage announces the closing of a $33.5MM mortgage loan for a Fairless Hills Towne Center, grocery-anchored retail center in Fairless Hills, PA. The loan was placed with a leading investment bank and structured with a 7-year term and 30-year amortization schedule after an 18-month interest only period. The perm loan refinanced the bridge loan used to acquire and reposition the property.

The client, a JV between Larken Associates and Red Starr Investments, acquired the 294,000-square foot property in May 2015 with 120,000 square feet of vacancy after Walmart left the center, relocating to a new SuperCenter a couple of miles away. The owner immediately undertook a full property renovation including a new façade, roof and HVAC replacements, parking lot repaving, new landscaping and signage. The cosmetic upgrades and an activist management approach led increased leasing velocity, which resulted in new leases and existing tenant term extensions totaling over 170,000 square feet of space. Additionally, the client converted 35,000 square feet of "dead" retail space in the rear of the former Walmart space to climate-controlled self-storage.