Cronheim Mortgage secures $10.3 million<br> for YoHo Lofts and Nepperhan Pl.

Yonkers, NY Cronheim Mortgage has secured $10.3 million to refinance a mixed-use portfolio. The transaction refinanced the existing debt on Nepperhan Pl., a mixed-use building with office and retail tenants as well as YoHo Lofts, a multi-story industrial loft building that has been converted to house a community of more than 120 artists and creative users.

The property is located on Nepperhan Ave. which has seen revitalization in recent years, partially due to the concentration of artists located within this property.

David Turley, COO of Cronheim, said “This property is an excellent piece of real estate brought to life by a visionary sponsor who almost singlehandedly built an artist community within this and neighboring buildings to the benefit of the entire area. For real estate lenders, however, the unconventional use – artist lofts – of an old multi-story industrial building raised a lot of eyebrows. We remained involved throughout the closing to address these issues, explore options and negotiate solutions that worked for all parties. Our involvement doesn’t end once a term sheet is signed. Often clients find the most value from our engagement during the closing process.”