Real Estate Weekly
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Banking and Finance

Cronheim inks storage bridge loan

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.

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