Cronheim Mortgage arranges $13,200,000 for Totowa Square Shopping Center
Financed by American National Insurance Company
Totowa, NJ – Dev Morris and Andrew Stewart have arranged permanent financing in the amount of $13,200,000 for a Toys “R” Us, Conway, Office Depot, and Bob’s Stores anchored shopping center in Totowa, New Jersey. The 7-year, fixed-rate loan was placed with American National Insurance Company, whom Cronheim represents as correspondent and servicing agent. This is the second significant NJ shopping center financing recently done by American National, the other being a construction/permanent loan done on Marlboro Commons, a Whole Foods anchored center in Marlboro, NJ.
The subject property is a 261,451 square foot community shopping center located in Passaic County, NJ, approximately 15.0± miles west of Manhattan. The center features a mix of local and national retailers including Applebee’s, Citibank, Linwood Pizza, and Harmon Discount, among others. It is located along U.S. Route 46, one of the most heavily travelled retail corridors in northern New Jersey which houses more than 6.4 million square feet of space.
According to Dev Morris, “This center is among the most visible and accessible properties in its trade area and has occupied a dominant position since it was built in the early 1970’s, continuing to attract a desirable mix of local and national retailers.”