CRONHEIM MORTGAGE ARRANGES $24,000,000 FOR

RETAIL CENTER IN ROCKAWAY, NEW JERSEY

ROCKAWAY, NJ – Andrew Stewart and Dev Morris of David Cronheim Mortgage Corp. have secured financing of $24,000,000 for Marketplace at Rockaway located in Rockaway Township, Morris County,  New Jersey.  The loan carries a 10-year term, amortized over 30 years. 

The 241,937 square feet community shopping center is anchored by a 138,000 square foot Wal-Mart Supercenter, under a 25-year lease.  The center, which was constructed in 2005, will also be anchored by a 33,000 square foot Bed, Bath, & Beyond and a 25,000 square foot DSW Shoe Warehouse. Other tenants include Dollar Tree, Sleepy’s, Gamestop, Subway, and Cingular Wireless, as well as several local and regional retailers.

The property is located on Mount Pleasant Avenue, between exits 34 & 35 of Interstate 80, with two signalized points of access and a traffic count of 11,000 cars per day.  The center has direct visibility and access from Interstate 80, Northern New Jersey’s major east/west thoroughfare. The center is located adjacent to Rockaway Town Square Mall, whose tenants include J.C. Penney, Lord & Taylor, Macy’s, Sears and the AMC Rockaway Theatre. Other retailers in the area include Target, Costco Warehouse, Home Depot, Office Max, Borders, and Linens ‘n’ Things.  There are over 107,000 residents within a 5 mile radius of the center.