Cronheim Mortgage secures $8.5 million life insurance company financing for grocery-anchored retail

Chatham, NJ Cronheim Mortgage has arranged $8.5 million for the financing of a grocery-anchored shopping center. Brandon Szwalbenest, Dev Morris, Allison Villamagna, and Andrew Stewart secured the financing on behalf of a New Jersey-based real estate firm specializing in the development and acquisition of New Jersey retail assets. The loan was structured on a 10/25 basis and priced at 160 over the 10-year treasury at the time of rate lock. Funding took place just 60 days later with a life insurance company whom Cronheim represents as a correspondent and servicer.

The subject is a 108,000 s/f shopping center. At closing, the property was 100% leased with an attractive tenant base including ShopRite, Dunkin, CVS, M&T, Hallmark, Supercuts, and the UPS Store, along with several local offerings. Originally constructed in 1969, the Property has long served as a retail hub for Chatham, an affluent New Jersey town with an average annual household income exceeding $290,000.