CRONHEIM MORTGAGE ARRANGES $15,850,000 FOR

RETAIL CENTER IN BOCA RATON, FLORIDA

BOCA RATON, FL – David Cronheim Mortgage Corporation has secured financing of $15,850,000 for Shadowwood Square, a 221,747 square foot power retail center located in Boca Raton, Florida. The property is located at the intersection of US-441 and Glades Rd and is anchored by Bed Bath & Beyond, Walgreens, Borders, Regal Cinemas and Steinmart.  The loan was structured with a 15-year term amortized over 30 years and carried an interest rate priced at 95 basis points over the 13-Year US Treasury.

Built in phases throughout 1982 to 1992, Shadowwood Square contains 160,799 square feet of anchor space and features several national in-line and outparcel tenants such as Citibank, McDonald’s, Sun Trust Bank, Starbucks, Quiznos, Boston Market and Sprint. Tenant sales at the center are very strong, with most tenants reporting substantially higher gross sales at this location than their national averages.  The owner recently completed an expansion of 9,700 square feet of inline space at the western corner of the center, the most visible location in the center. The demand for the new retail space was such that the owner was able to secure rents well in excess of asking rents at other area properties.

The intersection of US-441 and Glades Road in Boca Raton is a regional destination location for shopping, with major retail centers located at each of the four corners of the intersection. Given traffic counts of 165,000 cars per day and an affluent local population, this intersection is one of the most desirable retail locations in Palm Beach County.  The five-mile trade area contains 402,845 residents with an average household income of nearly $70,000. The intersection’s retailers include Home Depot, Publix, Albertson’s, Sports Authority, Linens N Things, DSW, PetsMart, Toys R Us, and LA Fitness. Wal-Mart, Target, and Kohl’s have locations within half a mile.