Cronheim Closes $16.9MM for Two Gander Mountain Locations

Deal Highlights

Two 66,000sf Gadner Mountain Retail Locations

 

Non-recourse, fixed-rate bank financing

 

4.0% (5/25) and 4.25% (7/25) loans

Cronheim Mortgage arranged individual loans for two Gander Mountain locations (approx. 66,000 SF each) in Woodbury, MN and Joliet, IL. The borrower had maturing CMBS debt and needed to refinance existing balances on a non-recourse basis. Short remaining lease terms, lack of tenant credit and no sales history made this a challenging assignment. Cronheim secured non-crossed, non-recourse bank loans and successfully met the Borrower’s tight timeframe.

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