$12.75MM – 65% LTV REFINANCING FOR MEDICAL OFFICE BUILDINGS
100,141 square foot Medical Office Property Refinancing
5+5/30, non-recourse, 3.875% fixed rate financing
Cronheim Mortgage secured refinancing proceeds of $12,750,000 for two medical office buildings located in Garden City, Long Island, New York. The buildings were condo’ed and partially sold to its tenants when the property was acquired by the borrower. The borrower wanted a term loan that also allowed selective opportunistic unit sales. The loan was structured with an initial 5-year fixed rate period locked at 3.875% followed by a 5-year extension option. Cronheim has developed many long-standing and strong local lender relationships that it has come to rely upon to help clients achieve their objectives.