Cronheim Mortgage arranges $48,500,000 for New Jersey Retail
NJ’s most successful lifestyle center
Woodcliff Lake, NJ – Dev Morris and Andrew Stewart have arranged permanent financing in the amount of $48,500,000 for New Jersey’s most successful lifestyle center located in Woodcliff Lake. The 10-year loan was structured with five years of interest only, and amortizes over a 30 year schedule thereafter for the sponsor,WS Tice’s Corner Marketplace L.L.C.
The subject property encompasses 119,272 square feet and is currently 100% occupied by some of the most well-known national retailers including Apple, Williams-Sonoma, Athleta, J. Crew, Anthropologie, Pottery Barn, and Banana Republic. The property was developed in 2001, purchased by the sponsor in 2002, and has maintained an average occupancy of 99.4% since it stabilized in 2003. According to Andrew Stewart, “the owner has done an excellent job altering the tenant mix to ensure that this property maintains its dominant position for years to come.”
The subject property is located approximately 18 miles northwest of New York City and enjoys excellent visibility at the intersection of Chestnut Ridge Road and Tice Boulevard in one of the most affluent communities in New Jersey. Within a one-mile radius of the Subject, the average family household income and median home value exceed $178,000 and $878,000, respectively.
The property is managed and leased by David Adam Realty (DAR), a full service commercial real estate firm specializing in leasing as well as investment sales. DAR is among the most active developers of lifestyle retail in the New York area. One of the more notable projects they are developing is Bedford Square in Downtown Westport, which includes the complete renovation, restoration, and re-purposing of the stately 1923 Bedford Mansion and adjacent Firehouse, and the removal and replacement of the YMCA’s 1970’s Weeks Pavilion Complex and the buildings on the adjoining Gunn property. When complete, this project will be the new cornerstone of downtown Westport, CT and will comprise over 68,000 square feet of retail and restaurant space as well as 26 apartments and over 100 underground parking spaces.
Cronheim has been involved with multiple transactions for the sponsor including the 2012 disposition financing of a three-story retail building with the Gap and Brooks Brothers,located in the prime shopping district of Westport, CT. Cronheim’s Channel Real Estate Funds affiliate has also invested in the Westport redevelopment of an Urban Outfitters and an adjacent mansion converted to retail, restaurant, and office, a project that is now 100% leased. In December 2012, Channel Stamford became the largest equity investor in the future Cummings Point Executive Park, a 210,000 square foot facility on the Stamford/Greenwich border that is currently being marketed to a variety of users. According to Dev Morris, “David Adam Realty’s creativity and hard work is adding value to all of these projects in an efficient and thoughtful manner. This is creating premium yields for our equity investors.”