Cronheim Hotel Capital secures $31.5 million financing for conversion of former DoubleTree Suites to 213 apartment units to be named Hickory Crossing

Plymouth Meeting, PA Cronheim Hotel Capital (CHC) has secured $31.5 million to refinance the former DoubleTree Suites and capitalize a planned conversion to 213 apartments to be named Hickory Crossing.

The sponsor, Kingsbury Financial LP (Kingsbury), is a multifamily investor. The property’s location near entertainment, shopping and dining at Plymouth Meeting Mall as well as numerous corporate office spaces and Villanova University make it an ideal candidate for conversion.

David Turley, president of CHC, said, “The conversion of hotels to multifamily is receiving extra scrutiny in today’s lending environment. Our extensive marketing effort, combined with the Sponsor’s strong track record in the space, brought multiple lender options to the table which we leveraged to create attractive debt terms. We look forward to seeing the successful conversion of this asset and the value it creates.”

Tony Re’, president of Kingsbury, also notes “We are truly excited to see our vision for this property come full circle and look forward to sharing it with the Plymouth Meeting, PA community early next year. Hickory Crossing will feature stylish, high-quality unit interiors, numerous amenities, and an exceptional on-site management team who will ensure that we maintain an excellent environment for our tenants.”