Cronheim secures $8.825MM for 25,000 s/f Phila. retail center
Center City, PA —Cronheim Mortgage arranged $8.825 million in permanent financing for the subject property, a 25,000± s/f neighborhood shopping center located just 14 miles from Center City in Philadelphia. The interest rate was locked at 2.82% for 10 years and was structured with two year of interest-only and a 25-year amortization thereafter. The loan was placed with New Jersey-based bank in Q1 2020. The property was 100% leased at closing to a combination of internet-resistant tenants in the food and service industries including Starbucks (drive through), Urgent Care, Verizon, and Dunkin’ Donuts, among others. Positioned along Roosevelt Blvd., the dominant east/west corridor through North Philadelphia, the asset positioning offers irreplaceable visibility and abundant consumer audience with traffic counts upwards of 63,000+ vehicles per day. The property is strategically located at a signalized intersection with three curb cuts on Roosevelt Blvd. and one on Red Lion Rd. The immediate consumer trade area includes a 3-mile population of 151,062 and an average household income exceeding $75,000.