Cronheim Mortgage secures $16 million for 272,000 s/f Mansfield Commons

Hackettstown, NJ Cronheim Mortgage has arranged $16 million in permanent financing for a 272,000± s/f retail center. The 10-year financing amortizes over 30 years. Dev Morris, David Poncia, Allison Villamagna, and Andrew Stewart represented the borrower, a wholly-owned subsidiary of National Realty & Development Corp. 

The subject property is a 272,046 s/f shopping center anchored by a 123,519 s/f Wal-Mart (ground lease), an 88,830 s/f Kohl’s department store, and a 21,674 s/f Marshalls. The balance of the center is leased to a mix of local and national brands, including Jersey Mikes and Dunkin Donuts, among others. At closing, the Subject was 97% leased with interest in the remainder of the space. Recent leases include Harbor Freight in 15,000 s/f, Jersey Mikes, and Pho75 Vietnamese restaurant.

Cronheim financed this property back when it was first completed in 1999 and has serviced the Subject loan until this financing closed.