Cronheim arranges $19.6MM on behalf of Monmouth Real Estate Investment Corporation
Perfectly positioned acquisition to capitalize on worldwide bourbon boom
Frankfort, KY – Dev Morris and Andrew Stewart have arranged acquisition financing of $19,600,000 for a new distribution facility located in the heart of “Bourbon County”. The 10-year fixed-rate loan was placed with Integrity Life Insurance Company, whom Cronheim represents as correspondent and servicing agent. The interest rate was locked on a forward commitment basis, 6 months prior to closing.
The subject property is a newly constructed 599,840 square foot, Class A industrial building, situated upon 92 acres in Frankfort, Kentucky. The facility is adjacent to one of the tenant’s main distilleries and one mile north of Interstate-64, the major distribution corridor between Louisville and Lexington, and is ideally situated to capitalize on the international resurgence of bourbon sales.