Cronheim Mortgage secured $28 million in financing for the Marketplace at Manville, a Walmart Supercenter and Reading Cinemas anchored retail property. The subject encompasses 294,141 square feet and is occupied by a number of national and regional tenants including Dollar Zone, Retro Fitness, GNC, McDonalds, Sleepy's, and Great Clips, among others. The property was constructed in 1999 and is managed by Purchase, NY-based National Realty & Development Corp (NRDC). The loan was structured on a 15/30 basis and was placed with AG Life, whom Cronheim represents as correspondent and servicer.
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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.
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