CRONHEIM MORTGAGE ARRANGES $15,000,000 FINANCING FOR

SHOPPING CENTER IN JERSEY CITY, NEW JERSEY

JERSEY CITY, NJ – Andrew Stewart and Dev Morris of David Cronheim Mortgage Corporation have secured financing of $15,000,000 for a 100,302 square foot shopping center located in Jersey City, New Jersey. The loan was placed at an interest rate of 5.63% and has a term of 10 years amortized over 30 years.

Built in 1980, Old Colony Shopping Center consists of three single-story retail buildings and two out parcels situated on a 10.9716-acre lot.  The property is anchored by a 48,760 square foot Pathmark grocery store.  The center is currently 95% occupied by 20 tenants, which includes several national and regional retailers such as RadioShack, Hollywood Video, Game Stop, Hallmark, Colortyme, Blimpie Subs, and Bank of America.  The center contains parking for approximately 500 cars.

The property is located on Grand Street at the corner of Monmouth Street in the Downtown area of Jersey City.  The property is located adjacent to Interstate 78, the Newark Bay extension of the New Jersey Turnpike.  Within a ½-mile of the Subject, there are an estimated 13,305 people living in 5,501 households.  The average annual household income is $61,130 and the median home value is $236,100.  Retail sales within this area total $152,635,918, or roughly $27,747 per household.  Expenditures at food stores accounted for 15.57% of total spending.