Cronheim finances 115,266 s/f Coastal Farm & Ranch anchored retail property

Marysville, WA Cronheim Mortgage has arranged $5.74 million in permanent financing for a Coastal Farm & Ranch anchored shopping center. Dev Morris, Allison Villamagna, and Andrew Stewart secured the 5-year interest-only financing on behalf of NJ-based Marysville Associates, LLC.

The Subject is a 115,266 s/f community retail center located in the quiet suburban enclave of Marysville. The subject is configured in an “L” shape and is comprised of three individual structures including two strips and one outparcel. The center was originally constructed in 1981 and was anchored by K-Mart until July 2016, at which time the borrower quickly signed a lease with Coastal Farm and Ranch, a specialty retailer offering outdoor lifestyle products. The property was 100% leased at closing to a diverse array of quick-service restaurants and personal service retailers, in addition to its Coastal anchor.