Cronheim Mortgage arranges $8.0MM for ShopRite Anchored Retail
10 year early rate lock at 4.0% while store was under construction
Allison Moravec and Andrew Stewart have arranged $8.0 million in financing for a ShopRite anchored retail center located in Belleville, Essex County, NJ. The loan, placed with Athene Asset Management, was structured with a 10 year term and 25 year amortization with 5 years of interest only payments. The rate was locked 180 days prior to ShopRite opening, allowing the borrower, Belleville Center, LLC, to take advantage of rates while the ShopRite was being built.
Belleville Center is a 70,450 sf shopping center, anchored by a newly built, 60,000 sf ShopRite. The Subject was previously anchored by Pathmark, who vacated the center in 2010. The subject underwent extensive renovations and ShopRite recently opened their doors. This location is operated by Nutley Park ShopRite, Inc who also operates the ShopRite in Nutley, NJ. The remaining space is 100% occupied by Pizza Hut, Kelly’s Liquors, and a local jeweler.
According to Andrew Stewart, “the developer, who carried the property subsequent to Pathmark vacating, was patient enough to negotiate a mutually beneficial lease with a premiere ShopRite operator and complete a substantial renovation. This is now positioned as a fortress asset for many years to come.”
The Subject has excellent visibility with 840 feet of frontage and great accessibility with three points of ingress and egress along the north side of Washington Avenue. There is ample surface parking as well as an underground parking lot with capacity for over 140 vehicles. The underground lot is monitored by surveillance cameras and is serviced by a new shopping cart elevator which provides direct access to the interior of ShopRite. Shoppers took full advantage of the elevator this winter, justifying the additional investment.
Belleville Center is located on the eastern edge of the suburban town of Belleville, NJ, an Essex county municipality. The three mile trade area surrounding the subject property houses an estimated 230,000 residents with a median household income of $61,000.