Cronheim Secures $17.8 million financing for grocery-anchored shopping center

Jersey City, NJ Cronheim Mortgage has arranged $17.8 million in financing for Old Colony Square, a 100,760 s/f grocery-anchored shopping center. The loan, structured with a 5-year term, 30-year amortization, and a fixed interest rate of 5.89%, was placed with one of Cronheim’s life insurance company relationships, whom the firm represents as both a correspondent and servicer. Brandon Szwalbenest, Andrew Stewart, and Dev Morris of Cronheim Mortgage secured the financing on behalf of National Realty & Development Corp.

The Subject was fully leased at closing and is anchored by 99 Ranch Market, one of the nation’s largest Asian supermarket chains with 56 locations across 11 states. Other tenants include McDonald’s, Advance Auto Parts, Dunkin’, and Jersey City Medical Center, creating a diverse mix of national, regional, and local retailers.

Located in Jersey City’s Van Vorst Park neighborhood, the shopping center is well positioned to serve the area’s growing and evolving population. The neighborhood has seen a surge in residential development, complementing its historic brownstone housing stock. The nearby Bates Street Redevelopment Plan, a 9-acre mixed-use project, will further transform the area with new high-density residential developments.