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
Marcus & Millichap brokers $16.25 million sale of Ponce Bank flagship headquarters in the Bronx
Bronx, NY Marcus & Millichap negotiated the sale of a net-leased bank property occupied by Ponce Bank. The asset sold for $16.25 million. “This property drew tremendous interest as it was a
Quick Hits
Columns and Thought Leadership
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,
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
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 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.