Cronheim Mortgage Secures $26.35 Million Financing for Class A Office Building in Harrisburg, PA
David Turley, Janet Proscia and Jeff Pacailler have arranged permanent financing of $26.35 million for Market Square Plaza, a 172,629 SF Class A office building and 275 space parking facility in downtown Harrisburg, PA. The loan was sized to a sub-8% debt yield with a 10-year term and a 30-year amortization schedule.
Market Square Plaza is a one-of-a-kind Class A office building in the heart of Harrisburg’s CBD. It is Harrisburg’s newest downtown office property and the only office building in Harrisburg with an on-site structured parking facility. Market Square Plaza is located two blocks from the PA State Capitol Complex and immediately adjacent and connected to the Harrisburg Hilton and Strawberry Square , a million-square foot mixed-use complex featuring office space, a retail concourse and the Whitaker Center, Harrisburg’s performing arts center.
Market Square Plaza is home to an impressive roster of mostly government and legal tenants. Its strategic location, on-site parking, professional management and excellent amenity package have helped it remain 100% occupied since its development in 2005.
“We’re thrilled to have delivered on another challenging assignment,” said David Turley. “Market Square Plaza is a phenomenal asset – its track record of 100% occupancy speaks for itself. But it is the only asset of its kind in Central PA which made it a challenge to finance. We sourced a lender who was willing to see the institutional nature of the asset and underwrite its impressive performance.”