News:
Brokerage
Posted: May 7, 2019
Outside the Region: Cronheim Mortgage secures five loans totaling $27 million for self-storage properties
Chatham, NJ Cronheim Mortgage secured five separate, uncrossed bridge loans for self-storage facilities in Texas, Arizona, Ohio, Michigan and Missouri. Collectively the five properties represent 600,000 s/f and 3,745 class A self-storage units.
The sponsor acquired each site as vacant retail boxes or shopping centers with a vacant anchor and converted them to self-storage use. This financing bridges the property through lease-up to stabilization.
David Turley said, “We’re pleased to have completed our first deal with Dealpoint Merrill, one of the premier self-storage developers in the business. These five properties are all out-performing expectations but still need some time to stabilize before sale or refinance. This financing allows Dealpoint Merrill to lower their cost of capital during lease-up while maintaining maximum optionality for the timing of an exit.”
Tags:
Brokerage
MORE FROM Brokerage
AmTrustRE completes $211m acquisition of 250 Madison Ave.
Manhattan, NY AmTrustRE has completed the $211 million acquisition of 260 Madison Ave., a 22-story, 570,000 s/f office building. AmTrustRE was self-represented in the purchase. Darcy Stacom and William Herring
.jpg)
.gif)
Columns and Thought Leadership
Behind the post: Why reels, stories, and shorts work for CRE (and how to use them) - by Kimberly Zar Bloorian
Let’s be real: if you’re still only posting photos of properties, you’re missing out. Reels, Stories, and Shorts are where attention lives, and in commercial real estate, attention is currency.
Lasting effects of eminent domain on commercial development - by Sebastian Jablonski
The state has the authority to seize all or part of privately owned commercial real estate for public use by the power of eminent domain. Although the state is constitutionally required to provide just compensation to the property owner, it frequently fails to account
Strategic pause - by Shallini Mehra and Chirag Doshi
Many investors are in a period of strategic pause as New York City’s mayoral race approaches. A major inflection point came with the Democratic primary victory of Zohran Mamdani, a staunch tenant advocate, with a progressive housing platform which supports rent freezes for rent
Lower interest rates and more loan restructuring can help negate any negative trending of NOI on some CRE projects - by Michael Zysman
Lower interest rates and an increased number of loan restructurings will be well received by the commercial real estate industry. Over the past 12 months there has been a negative trend for NOI for many properties across the country.
.gif)