Cronheim Originates $30MM Financing on 30/30 Basis
223k sf Retail Property Refinancing
30-year term, 30-year amortization, non-recourse
Flexible prepayment options
Cronheim Mortgage secured $30 million in financing for Shrewsbury Plaza, a 223,000 square foot community retail center located along Route 35 in Shrewsbury, NJ. The loan self-liquidates over a 30 year period and was funded by American General Life Insurance Company, whom Cronheim represents as correspondent and servicing agent.
Shrewsbury Plaza encompasses five, single-story, multi-tenanted retail buildings and two, freestanding outparcels. Anchors include Marshalls and Saks Off-5th, with HomeGoods slated to open in 2017. A complementary mix of tenants round out the roster including Visionworks, Jo-Ann Fabrics, Massage Envy, CVS, Great Clips, Jersey Mike’s Subs, Petvalu, and Verizon Wireless.
The subject property was originally constructed in 1973, renovated in 1992, and is currently undergoing a façade renovation. Shrewsbury Plaza is managed by 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.
The Subject is strategically located along Route 35, a major retail corridor in Monmouth County. It is also within three miles of the Garden State Parkway which experiences traffic volumes exceeding 35,000 vehicles per day. The ideal location of the Subject has resulted in consistently high occupancy rates. Parking is available for 1,041 vehicles or 4.67 per 1,000 square feet.
Founded in 1897, David Cronheim Mortgage Corporation and its affiliate companies located in Chatham, NJ provide an array of real estate services including debt and equity for investment grade real estate. Through their Channel Real Estate Funds affiliate they have provided mezzanine and equity capital for numerous real estate projects in an efficient and cost effective manner. Cronheim Mortgage maintains correspondent and/or servicing relationships with 15 institutional investors, mostly insurance companies, and currently services $2.1 billion of debt. The company and its insurance company correspondents have substantial debt and equity capital to invest in quality real estate at pricing below alternative sources, especially for long-term debt.