Cronheim Mortgage secured refinancing proceeds of $19,975,000 for the recently renovated 174,746 SF five-story Class "A" office building with quality amenities and services, including a full-service cafeteria with patio seating, a full-day child care center, on-site property management, and full-time lobby personnel.
The transaction was not without its challenges. An un-subordinated ground lease, near term tenant roll and tenancy concentration required structuring, negotiation and compromise. Ultimately Cronheim obtained a non-recourse, 10/30 with proceeds above what the client had initially anticipated when they entered the debt market.
Be it life company, bank, debt fund or CMBS, our extensive capital relationships have a major impact on our ability to access the right capital for the deal and negotiate superior terms to satisfy our clients' objectives.