$50.5MM, 11-Month Forward Rate Lock for 622,000 sf Power Retail Center
622k sf Retail Property Refinancing
15-year term, 30-year amortization, non-recourse
Rate locked 11 months prior to closing
Cronheim Mortgage has secured $50.5 million in financing for Northampton Crossings, a 622,000-square-foot power retail center located in Easton, Bethlehem Township, Pennsylvania. The loan was structured with a 15-year fixed-rate which was locked 11 months prior to closing. American General Life Insurance Company, The Variable Annuity Life Insurance Company, National Union Fire Insurance Company of Pittsburgh, Pa., and American Home Assurance Company funded the loan, whom Cronheim represents as correspondent and servicing agent.
Northampton Crossings was constructed in 1995 and is anchored by a variety of tenants including Walmart, Sam’s Club, Kohl’s, Staples, and a 14-screen Regal Cinemas. Walmart was an original tenant when the Subject was constructed in 1995 and they expanded in 2004 to a 207,500-square-foot superstore. Sam’s Club is also one of the original tenants and has plans to expand their current 112,000-square-foot space to encompass over 140,000 square feet, attesting to the strength of the center. The inline tenant roster features a complementary mix of retailers including Hobby Lobby, Lane Bryant, Starbucks, Sleepy’s, GameStop, Panera Bread, Sally Beauty Supply, GNC, Sears Hardware, and a number of local restaurants as well. There are 6 outparcels which feature Arby’s, Red Robin, and KNBT Bank, to name a few.
The Subject is afforded excellent frontage at the major intersection of Route 248 and Route 33. Route 248 provides the Subject with two signaled points of ingress and has a traffic count of 17,650 vehicles per day. Route 33 has a daily traffic count of 62,154 vehicles. Parking includes approximately 3,000 spaces, or 4.8 per 1,000 square feet.
Northampton Crossings is managed by National Realty and Development Corp., (NRDC) a leading retail development and management firm in the Northeast with a portfolio encompassing 78 projects, including retail power centers, grocery-anchored community shopping centers, and corporate/ industrial business parks, in 14 states.