Cronheim Mortgage secures $117.5m in permanent & construction financing
Bethlehem, PA — Cronheim Mortgage secured $117.5 million in permanent and construction financing for Madison Farms, a multifaceted mixed-use development featuring 152,000 s/f of retail space and 570 luxury mid-rise apartments in Bethlehem. The loans were placed with American General Life Insurance Company, whom Cronheim represents as correspondent and servicer. Madison Farms Retail encompasses 152,000 s/f, anchored by a 67,400 s/f ShopRite. The Subject’s nine buildings are leased to an impressive roster of national, regional, and local tenants, including Starbucks, Chipotle, Provident Bank, Pure Barre, Pet Valu, and Supercuts, among many others. The property also features a two-story, class A medical office building for the Lehigh Valley Health Network. Madison Farms Residential comprises of 570 luxury one- and two-bedroom apartments across fifteen three- and four-story elevator-serviced buildings. Each apartment features hardwood and ceramic tile flooring, carpeted bedrooms, energy efficient stainless steel kitchen appliances, solid surface countertops, and washer and dryer units. A 6,500 s/f clubhouse includes a billiards room, multi-media center, fitness center, golf simulator, business center, and an expansive outdoor pool and deck, complete with barbeques and fire pits. Bethlehem was named one of the “100 Best Places to Live and Launch” by CNN Money, due to its business- and entrepreneur-friendly, university-town environment. The strong retail and multifamily tenant base and traffic at Madison Farms are also driven in part by its close proximity to the brand new St. Luke’s Hospital-Anderson Campus, located directly across Freemansburg Ave. The loans were originated and placed by Dev Morris, Andrew Tsukamoto, Allison Villamagna, and Andrew Stewart.