Cronheim Hotel Capital announced on September 29th that it secured $31.5MM to refinance the former DoubleTree Suites in Plymouth Meeting (Plymouth Township) and capitalize a planned conversion to 213 apartments. The apartment community will be named Hickory Crossing.

The property owner, Kingsbury Financial LP, closed the hotel in November 2025 and, shortly after, announced plans to convert it into apartments. In February 2026, Plymouth Township’s zoning hearing board granted Kingsbury a special exception to allow the conversion to go forward.

This is the second major conversion to apartments underway in Plymouth Meeting. Across the street, at the Plymouth Meeting Mall property, Keystone Investment + Development is nearing completion of converting an office building into 150 apartments.

“The conversion of hotels to multifamily is receiving extra scrutiny in today’s lending environment,” offered David Turley, president of Cronheim. “Our extensive marketing effort, combined with the Sponsor’s [Kingsbury] strong track record in the space, brought multiple lender options to the table which we leveraged to create attractive debt terms. We look forward to seeing the successful conversion of this asset and the value it creates.”

“We are truly excited to see our vision for this property come full circle and look forward to sharing it with the Plymouth Meeting, PA community early next year,” said Tony Re’, president of Kingsbury. “Hickory Crossing will feature stylish, high-quality unit interiors, numerous amenities, and an exceptional on-site management team who will ensure that we maintain an excellent environment for our tenants.”