67,531 sf Retail Property Refinancing
3-year term, 25-year amortization, non-recourse
Cronheim Mortgage secured refinancing proceeds of $10,300,000 for a grocery anchored retail center with a mix of solid local and national retailers including Dollar General and PNC Bank. The center is located in Franklin Park, Somerset County, New Jersey. The Borrower was seeking maximum flexibility while it determined its long-term hold strategy. We sourced a short-term loan with several extension options which allowed him the ability to contemplate the possibility of a sale or longer tem hold. Cronheim has developed many long-standing and strong local and regional lender relationships that it has come to rely upon to help clients achieve their objectives.