Cronheim Mortgage arranged permanent financing totaling $8,000,000 for Man O' War Place, a 174,638 square foot Kroger anchored power center in Lexington, KY. Dev Morris and Andrew Stewart secured the financing on behalf of an affiliate of Equity Management, a Lexington-based commercial real estate investment and asset management firm. The loan was structured on a 12/30 basis and placed with American United Life Insurance Company, whom Cronheim represents as correspondent and servicer.
The Subject is positioned southeast of Downtown Lexington and is one of six shopping centers in its 3-mile radius with exposure to over 130,000 vehicles per day. It was 95% leased at closing to over 20 tenants including Feeders Supply, Lexington Urgent Care, Hooters, Edible Arrangements, Bright Tiger Dental, The Little Gym, and Little Caesars, among many others. This Kroger is the highest sales volume store in the market and a top 5 store in the State of Kentucky. The region boasts strong demographics with over 200,000 residents with an average household income of more than $87,000 within a five-mile radius.