Turley and Proscia of Cronheim Mortgage arrange $10.3 million

King of Prussia, PA David Turley and Janet Proscia of Cronheim Mortgage secured $10.3 million in financing for a 74,326 s/f medical office building located off the Schuylkill Expressway. The loan was placed with a CMBS lender on a 10-year term with a 30-year amortization schedule. The client, a Philly-based developer, had an upcoming loan maturity that required an expedited closing. In spite of losing a 5,000 s/f tenant during the application process, Cronheim was able to get the loan closed in 45 days from application signing. The property is a brick-clad federal-style office building located at the intersection of South Gulph Rd. and South Henderson Rd. It sits at the bottom of the exit ramp from a brand new interchange of the Schuylkill Expressway. The property was originally built in 1946 as a schoolhouse and converted to medical office use in 2000. It is 82% occupied by nine tenants and anchored by a regional spine/orthopedic practice, a regional hand rehabilitation/therapy practice and private wealth management firm. "The client was initially contemplating a short-term bank loan to maintain maximum flexibility for a sale in the next couple years," said Proscia. "We helped him through a thorough evaluation of his options. Given the current rate environment and uncertainties about the future borrowing climate, we recommended a leveraged long-term refinance to create a second saleable asset: attractive, assumable financing. When that option was chosen, we executed quickly to meet the loan maturity deadline."