Cronheim secures financing for 220,000 s/f chocolate manufacturing facility

North Canton, OH Cronheim Mortgage has arranged $5 million in leasehold financing for a single-tenant industrial facility. Allison Villamagna, Dev Morris, and Andrew Stewart placed the financing with one of Cronheim’s long-standing correspondent lenders. Cronheim will service the loan which was structured with a 6-year term and amortization and features a flexible prepayment schedule for the borrower, an affiliate of the NY-based Sachs Companies.

The 220,000 s/f facility is fully occupied by Harry London Candies, Inc., a subsidiary of Italian confectionary giant Ferrero. The facility was constructed in 1995 specifically for the manufacturing of chocolate and features a Fannie May & Harry London Chocolates factory store that is a popular attraction in Canton. Harry London was acquired by Ferrero in 2017 but Fannie May operates as a standalone entity and brand within the Ferrero Group.

The property is adjacent to the Akron-Canton Airport (CAK) and is situated just off of Interstate 77 which runs from Cleveland (60 miles north) down to the West Virginia border.