Cronheim Mortgage secured $5.2 million in financing for St. George Square, a 41,000 square foot mixed-use property located along Hanes Mall Boulevard in Winston-Salem, Forsyth County, NC. The loan was structured with a 10 year term, and amortizes over a 20 year period for the borrower, an entity managed by The Bedrin Organization. The financing was placed with Standard Insurance Company, whom Cronheim represents as correspondent and servicing agent.
The Subject is fully leased to a complementary mix of retail and office users including Salons by JC who occupies 9,400 square feet of space at the subject and leases 46 salon-suites to self-employed hair and beauty professionals. Salon-suites is a fast-growing concept that has performed well in other North Carolina locations. Other tenants include Berkshire Hathaway Home Services, Regus Office Centers, State Farm Insurance, Tropical Smoothie Cafe, Nothing Bundt Cakes and Painting with a Twist.
St. George Square is situated directly across Hanes Mall Boulevard from and shares a traffic light with a Walmart Supercenter. The Subject sits within a densely populated retail corridor featuring many well-known national and regional retail tenants including Hobby Lobby, Panera Bread, AMC Theatres, Costco Wholesale, Home Depot, Target, Kohl's, and Marshall's. Hanes Mall affords the property convenient access to Interstate 40, a major arterial that crosses the Winston-Salem metro east to west.