HIALEAH, FLA. — Cronheim Mortgage has arranged a $140 million loan for the refinance of Palm Springs Mile, a 1.3 million-square-foot retail portfolio located in the Miami suburb of Hialeah.
Palm Springs Mile includes a group of contiguous shopping and strip centers on Hialeah’s primary commercial corridor along both sides of the street. Anchor tenants include Kohl’s, LA Fitness, Walmart Neighborhood Market, Burlington Coat Factory, Michael’s, Toys ‘R’ Us, Winn-Dixie and Ross Dress for Less.
David Turley, Janet Proscia and Jeff Pacailler of Cronheim Mortgage placed the loan through one of Cronheim’s insurance company correspondents. The 25-year loan features seven years of interest-only payments followed by a 30-year amortization schedule.
The borrower was an entity affiliated with Philips International, a real estate operator and developer based in New York City. The company’s holdings span more than 200 retail and hotel properties throughout the country. Philips International has offices in New York, Delaware, Florida and Texas.
“We are pleased to have helped the borrower accomplish its goal of locking in long-term financing while interest rates remain near historical lows,” says Turley. “Palm Springs Mile is one of South Florida’s premier retail assets. Cronheim Mortgage is thrilled to add this loan to our servicing portfolio.”
Founded in 1897, David Cronheim Mortgage Corp. and its affiliate companies located in Chatham, N.J., provide an array of real estate services including debt and equity for investment grade real estate. Cronheim Mortgage maintains correspondent and/or servicing relationships with 15 institutional investors, mostly insurance companies, and currently services $2 billion of debt.
— Danielle Everson