Cronheim Places 15 Year Interest-Only Mortgage for Brook 35 Plaza
Andrew Stewart, Dev Morris, and Allison Moravec have arranged $11.5 million in financing for Brook 35 Plaza, located in Sea Girt, New Jersey. The loan was structured with a 15-year interest-only term and was placed with American General Life Insurance Company and National Union Fire Insurance Company of Pittsburgh, PA for the borrower, Sea Girt Limited Partnership, an affiliate of Federal Realty Investment Trust
Brook 35 Plaza is an open air, lifestyle center consisting of three retail buildings containing 80,877 square feet. The property, built in 1986, is leased to a high-quality mix of 20 national and local retailers, including Chico’s, Coach, the Gap, Starbucks, Victoria’s Secrets, and Williams-Sonoma. In addition, the central building was constructed with a second floor containing 13,240 square feet, 100% leased to Morgan Stanley and Premier Executive Suites.
With easy access to Route 36 and the Garden State Parkway, the subject is conveniently located along the Route 35 retail corridor in Sea Girt, Monmouth County, NJ. This 25-mile retail corridor has traffic counts of approximately 24,800 vehicles per day. Moreover, the subject location of Sea Girt, one of Monmouth County’s most affluent communities, has a solid year-round population base; Sea Girt was listed on Forbes Magazine’s 2012 list of “America’s Most Expensive Zip Codes,” with a median home price of $1,135,184, and a population of over 512,000 within a five-mile radius. Sea Girt is especially desirable as one of the major beach towns along the New Jersey shoreline.
According to Andrew Stewart, “This property will continue to evolve as one of Monmouth County’s premier lifestyle shopping centers, and is a strategic addition to the Federal Realty portfolio.”