Cronheim Mortgage secures $16.16 million for office & retail property
ELKTON, MD — David Turley and Janet Proscia of Cronheim Mortgage secured a $16.16 million securitized loan for the mixed-use property located on East Pulaski Hwy. in Elkton. The funding retired existing debt and enabled the owner to recover substantial trapped equity. The 70% LTV, 85% loan-to-cost financing was locked for a 10-year loan term on a 30-year amortization schedule.
The Project includes a 78,800 s/f medical office building converted from a former Wal-Mart.