112,965 SF office property refinancing
3.5 year term, 30 year amortization, 3.65% fixed-rate
Non-recourse cash out refinance
Cronheim Mortgage secured refinancing proceeds of $8,175,000 for two buildings located in Cherry Hill, New Jersey. The client’s objective was to cash out some of the equity that had been created since the property’s acquisition in 2013 while maintaining flexibility to exit the investment once the business plan is completed in a couple years. Cronheim obtained a non-recourse, 42-month loan with prepayment flexibility at proceeds significantly above the client’s existing debt. Cronheim has developed many long-standing and strong local lender relationships that it has come to rely upon to help clients achieve their objectives.