Cronheim secures financing for Springfield, NJ: 49,000 SF Retail Center
Andrew Stewart and Dev Morris arranged financing for a retail center located in Springfield, Union County, New Jersey. The 10 year self-liquidating loan was structured with a fixed-rate and flexible prepayment schedule for the borrower, an affiliate of Wainwright Realty Co. Limited Partnership. The loan was placed with Southern Farm Bureau Life Insurance Company, whom Cronheim represents as correspondent and servicing agent.
The subject property is a 49,000 square foot, single-story retail center, currently occupied by Barnes & Noble and a Rite Aid pharmacy. The subject property was originally constructed in 1956 and is afforded excellent visibility and access with points of ingress and egress along Route 22 and additional access from Hillside Avenue. There are U-turn points within ¼ mile of the Subject in both directions on Route 22.
The 21-mile Route 22 corridor running through Union and Somerset County is Northern New Jersey’s most heavily retailed corridor. The corridor has seen a vacancy rate of less than 5% for the past three years. Within a 5-mile radius of the subject property, the population is 366,914 with an average income of $124,098 and a median home value of $364,185.