Cronheim Mortgage Arranges $28.9 Million for Shadowwood Square in Boca Raton, FL
Boca Raton, FL – Dev Morris and Andrew Stewart of David Cronheim Mortgage Corporation have secured financing of $28.9 million for Shadowwood Square, a 229,017 square foot community shopping center in Boca Raton, Florida. The loan was placed with Variable Annuity Life Insurance Company whom Cronheim represents as correspondent and servicer. It was structured to provide the developer with flexibility to expand and improve the shopping center.
Shadowwood Square is located at the intersection of Glades Road and US-441 and is anchored by a Bed Bath & Beyond, SteinMart, Regal Cinemas, and Walgreens. An adjacent Best Buy shadow-anchors the center. While the shopping center is currently 229,017 SF, an additional 8,000 -14,000 SF of space is expected to be constructed shortly. A unit previously occupied by a Borders Books has also been subdivided and most of it re-leased to Old Navy. The remaining space in the center contains national retailers including Citibank, McDonald’s, Sun Trust Bank, Starbucks, Einstein Brothers Bagels, Boston Market, and Sprint.
The intersection of US-441 and Glades Road in Boca Raton is a regional shopping destination, with major retail centers located at each of the four corners of the intersection. Given traffic counts of 165,000 cars per day and an affluent local population, this intersection is one of the most desirable retail locations in Palm Beach County. The five-mile trade area contains 182,304 residents with an average household income of $98,250. The intersection’s retailers include Home Depot, Publix, DSW, Sports Authority, and Toys R Us. Wal-Mart, Target, and Kohl’s also have locations near the property, and are included in the estimated 1.5 million square feet of retail space located within a one mile radius of Shadowwood Square.