Cronheim secures $26.9MM on behalf of National Realty & Development Corp.
Andrew Stewart, Dev Morris, and Allison Moravec have secured $26.9 million in financing for four individual loans located in Jersey City, Brick, and Neptune, NJ, and Cobleskill, NY. Each loan was structured on a 10/30 basis for affiliated entities of NY-based National Realty & Development Corp.
The first loan was structured for Old Colony Square shopping center in Jersey City, NJ, for the borrower, Grand Street Realty, L.L.C. The Subject is a 100,073 square foot retail property located along Grand Street in the historic Van Vorst Park neighborhood of Jersey City, New Jersey. It is anchored by Pathmark and features an array of tenants such as DaVita Dialysis, Jersey City Medical Center, Advance Auto Parts, Dunkin’ Donuts, McDonald’s, and JPMorgan Chase. The center is comprised of three primary retail buildings and three outparcel buildings arranged in an “L-shaped” configuration.
Access to the property is achieved via numerous points of ingress/ egress, including curb cuts along Grand Street, a main east-west thoroughfare connecting points west of I-78 (to the immediate west of the property) to the large-scale waterfront development along the Hudson River, including Exchange Place and Newport. Additional access is provided via Bright and Bates Streets, bounding the eastern and western property lines, respectively.
The second financing was arranged for Lions Head Office Park in Brick, NJ. The property consists of 13 individual office buildings arranged in a campus-style setting upon a 9.06-acre site. The improvements, which encompass 64,500 square feet, were constructed from 1985 to 1992 by the borrower, LHOP Holdings, L.P. The property is currently leased to over 20 office tenants, many of whom have been in occupancy for over 20 years.
Situated along Beaverson Boulevard in Ocean County, NJ, the property is afforded convenient access to the Garden State Parkway, Route 70, Route 35, and Route 9. It is also located just west of Brick Boulevard, one of the areas most commercially developed thoroughfares.
In Neptune, NJ, financing was structured for two Walmart shadow-anchored pad sites currently ground leased to a 3,400 square foot Arby’s and a 5,700 square foot Ruby Tuesday. The borrowing entity was Red Baron Property Resources Limited Partnership. The Subject is strategically located at the intersection of Route 66 and Jumping Brook Broad, just east of Exit 100B of the Garden State Parkway with traffic counts of 143,600 vehicles per day. Access to Route 18 is located 2 miles west of the Subject at Exit 10.
Situated just west of the Subject in the community of Tinton Falls, the Jersey Shore Premium Outlets have been able to generate a large amount of traffic into the area since its opening in 2008. The Jersey Shore Premium Outlets are occupied by a unique mix of 120 retailers including Ann Taylor, Calvin Klein, Coach, Cole Haan, Kenneth Cole, Michael Kors, Talbots, and Tommy Hilfiger, among others. The growth and evolution of the surrounding area is shown through the emergence of new and innovative retail locations positioned near the subject property. The population within a five mile radius is 146,616 with an average household income of $115,442.
The final financing was arranged for a Walmart shadow-anchored retail center which is owned by C.P. Plaza Limited Partnership and located in Cobleskill, NY. The subject property is a 24,500 square foot, freestanding in-line retail shopping center which is part of a greater community shopping center.
The Subject was constructed in 1995 and is located at the traffic lit intersection of State Route 7/SR-145 and Borst Noble Road in Cobleskill, New York. SR-7/145 has a traffic count of approximately 13,300 vehicles per day and serves as the major commercial thoroughfare providing direct transportation into and through the downtown Cobleskill area approximately one-half mile west of the Subject. The subject property’s immediate area is suburban in nature and the downtown area is commercial on Main Street and predominantly single family residential on the side streets.