Cronheim arranges $52.705MM on behalf of Federal Realty Investment Trust
Full-term IO for best-in-class property
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
Andrew Stewart and Dev Morris have arranged $52.705 million in financing for THE AVENUE at White Marsh. The loan was structured with a 7-year interest-only term and a fixed-rate of 3.35%.
The subject property is a 298,000 square foot, “main street” lifestyle center, located in the White Marsh community of Baltimore, MD. The Subject, constructed in 1997, is leased to a variety of local and national retailers including Ulta, Chico’s, Old Navy, Starbucks, A.C. Moore, Staples, Carter’s, Famous Footwear, and Pier 1 Imports, among others. The center also features a 16-screen, state-of-the-art AMC IMAX theatre which regularly ranks within the top theatres by sales volume nationwide. The subject property has excellent visibility from I-95 and is neighbored by IKEA and the 1.2 million square foot White Marsh Mall.
According to Andrew Stewart, “This property is yet another example of how Federal Realty is able to create the kind of retail environment that generates incremental value for tenants, shoppers, and shareholders alike.”
White Marsh, MD is a planned, 2,000-acre mixed-use community, situated in the northern portion of Baltimore County, just 18 miles north of downtown Baltimore. The surrounding community features over 2 million square feet of office and research space, 600 hotel rooms, and over 5,000 residential units. In the past decade, White Marsh has seen more than 3.8 million square feet of business development. Clusters of financial, insurance and health care operations, light manufacturing, technology and distribution, surround a vibrant town center.
Cronheim has also recently financed similar best-in-class lifestyle retail properties in New Jersey, Connecticut, New York, Colorado, and Florida.