Cronheim Mortgage Secures $4.75MM Acquisition Loan
Oaks, PA – Janet Proscia and David Turley arranged a five-year fixed rate loan totaling $4.75MM for a 57,600 sf office/flex/distribution property in Oaks, PA. The debt was sourced from a regional bank, which funded a 65% LTV loan on a non-recourse basis.
The single-story building constructed in 2006 is 100% leased to two tenants and is “best in class” in the market. The Property is one mile from the Route 422 interchange, providing immediate access to the area’s major roadways, including: Interstates 76, 276 and 476 and Routes 202, 29, 23 and 363. Unlike many flex buildings in the area, the Property has 24′ clear heights that allow for excellent tenant flexibility.
Proscia noted: “While this was a reasonable LTV/LTC request, the non-credit nature of the tenancies combined with lease rollover during the loan term presented some financing challenges. One of the mitigating factors was significant capital committed by the tenants to their individual spaces. Ultimately the Bank was comfortable with the equity investment by the owner and their long-term commitment to this new acquisition.”