News:
Brokerage
Posted: November 5, 2019
Outside the Region: Cronheim secures $9m permanent financing for Kansas self-storage property
Kansas City, KS Cronheim Mortgage secured a $9 million permanent loan for a self-storage facility which was recently renovated. The property was rapidly leasing up but had not quite reached stabilization and American National Life Insurance Co., for whom Cronheim is a correspondent, structured a 24-month interest only period and funded reserve to create the necessary runway for achieving long-term success.
The self-storage facility is on a six-acre site and has 1,134 units (930 climate-controlled and 204 non-climate-controlled units). The facility is operated by CubeSmart.
Cronheim’s client, Dealpoint Merrill, is a national self-storage developer. The company and its construction and development affiliates are managed by a team of real estate and investment professionals, with expertise in deal structure, finance, acquisition and management.
Tags:
Brokerage
MORE FROM Brokerage
People’s Arc of Suffolk signed at 10-year lease 59 Sunrise Hwy East Islip, NY
East Islip, NY People’s Arc of Suffolk has signed a 10-year lease for a 4,000 s/f freestanding retail/office building at 59 Sunrise Hwy. The property
Columns and Thought Leadership
A fresh start - by Shallini Mehra and Amit Doshi
For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian
There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman
July 1, 2025 is the deadline for US banks to begin to adopt Basel III banking standards and July 14, 2025 is the deadline for U.S. banks to adopt ISO 20022 messaging standards. Both will have a significant effect on the banking and commercial real estate (CRE) finance sectors.
Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,
