Cronheim Mortgage Arranges $4.5MM for Big Lots Centers
David Turley and Anna Westhoff of Cronheim Mortgage teamed up to place two permanent loans totaling $4,500,000 on Big Lots-anchored centers in Bristol, TN and New Haven, IN. The 75% LTV cash-out refinances featured a 10-year term and a 30-year amortization.
Both centers are located in tertiary sub-markets of fewer than 15,000 inhabitants. While New Haven is arguably the dominant retail center in its trade area, the Bristol center is in a secondary retail location. The client has owned and managed both centers for several years and has both attracted new tenancy to the center and invested in strategic upgrades and expansions.
“Once we got our arms firmly around these deals, we knew it was key to work with the right capital source to deliver on terms,” said Westhoff. “Our proactive, cooperative stance kept these deals on track in spite of some surprises, such as losing a junior anchor midway through closing.”
“The client demonstrated their management acumen by turning tired centers in tertiary markets into solid performers,” said Turley. “We did our part by being hands-on: doing the research, communicating the story and staying engaged from term sheet to closing.”