Cronheim Mortgage secured a bridge loan for a self-storage facility in Michigan which is to be fully renovated.
The property is a shopping center with a vacant Kroger grocery store and a Dunham’s Sporting Goods store. There is also a Logan’s Roadhouse on a ground lease as well as a 1.85 acre retail pad site.
The Kroger and some of the surrounding land will be converted to a self-storage facility with 1,338 units.
The 13.63-acre site is in a suburb of Detroit about 11 miles southwest. Upon completion of renovation, the facility will be operated by CubeSmart.
The financing will provide trajectory for construction through to stabilization with a step down in interest rate as the property leases up and cash flow improves over time.
The borrower is Dealpoint Merrill, a national self-storage developer.
