Cronheim Secures $140MM Insurance Co. Debt for Miami Retail Property on behalf of Philips International
Fixed-rate for 25 years, non-recourse basis
First 7 years interest only, then 30-yr amortization
David Turley, Janet Proscia and Jeff Pacailler have secured $140 million for the refinance of Palm Springs Mile, a 1,280,000 square foot retail portfolio located in the Miami suburb of Hialeah, FL. Palm Springs Mile is a group of contiguous shopping and strip centers that dominate a mile of Hialeah’s primary commercial corridor along both sides of the street. Anchor tenants include Kohl’s, LA Fitness, Walmart Neighborhood Market, Burlington Coat Factory, Michaels, Toys R Us, Winn Dixie and Ross Dress for Less.
The loan was placed with one of Cronheim’s insurance company correspondents. It features a 25-year term with seven years of interest only followed by a 30-year amortization schedule.
The borrower was an entity affiliated with Philips International, an active operator and developer based in New York City. Philips International is a prolific investor across all major asset classes and a recognized pioneer in the retail and hotel sectors. The company’s holdings span more than 200 properties throughout the country. Philips International has offices in New York, Delaware, Florida and Texas.
“We are pleased to have helped the borrower accomplish its goal of locking in long-term financing while interest rates remain near historical lows,” noted David Turley. “Palm Springs Mile is one of South Florida’s premier retail assets. Cronheim Mortgage is thrilled to add this loan to our servicing portfolio.”
$36,000,000 Non-Recourse Bridge/Acquisition Financing of Ballantyne Village (Charlotte, NC)
65% bridge loan locked at 4.52% for 5 years on a non-recourse basis
First three years interest only, then 30-yr amortization
Funding of lease-up capital on an as-needed basis
Cronheim Mortgage secured a non-recourse bridge loan for the acquisition and lease-up/repositioning of Ballantyne Village, located at the corner of Ballantyne Commons Parkway and Johnston Road in Ballantyne, Charlotte, NC.
The client, a NYC-based retail operator in partnership with a California-based institutional capital management firm, acquired the property with a value-add investment strategy.
Located at one of the four corners of the Monuments at Ballantyne, Ballantyne Village is an entertainment, dining and service-focused retail center that serves the Ballantyne Corporate Park complex across the street and the affluent surrounding residential population. Ballantyne Corporate Park, which is comprised of 4MM SF of Class A office space plus four hotels and the Ballantyne Golf Club, recently sold for $1.2B, the largest real estate transaction in Charlotte history.