Cronheim secures $13.4MM for Kohl’s Plaza
183,985 sf with Voya Insurance and Annuity Company in Holmdel, NJ
Andrew Stewart, Dev Morris, and Allison Moravec have secured $13.4 million in financing for a Kohl’s and SteinMart anchored retail property located in Holmdel, Monmouth County, NJ. The loan was structured with a 10 year term and 25 year amortization, and the interest rate was locked 4 months prior to closing. The property is managed by Purchase, NY-based National Realty & Development Corporation, who has a 22 million square foot portfolio. Tarrytown-based Gibraltar Management also has an interest in the property. The loan was placed with Voya Insurance and Annuity Company, whom Cronheim represents as correspondent and servicing agent.
The subject property, known as Kohl’s Plaza, is a 183,985 square foot shopping center situated upon 21.62 acres. The Subject is anchored by an 87,932 square foot Kohl’s and a 37,020 square foot Stein Mart. The remainder of the center is occupied by a strong mix of regional and national brands, including Jersey Mike’s, 7-Eleven, Harmon Stores, and Beach Bum Tanning, among others. There is also one 3,660 square foot outparcel which is occupied by Wells Fargo.
The property is located at the signalized intersection of Route 35 and Union Avenue in Holmdel, New Jersey. The Subject has exposure to 35,570 vehicles per day and is afforded excellent access with four points of ingress and egress including jug handle access on Route 35. Holmdel is a highly desirable location for its proximity to New York City and major highways, award winning public schools, and affluent demographics. The median family income in Holmdel is approximately $154,360 and the per capita income is $62,120.