CRONHEIM MORTGAGE ARRANGES $47,750,00 FOR

SHOPPING CENTERS IN SOUTH PLAINFIELD, NEW JERSEY

 

South Plainfield, NJ – Andrew Stewart and Dev Morris of David Cronheim Mortgage Corporation have secured financing of $47,750,000 for two adjacent developments located in South Plainfield, New Jersey.

 

Financing of $29,750,000 was secured for Hadley Center I, a 251,479 square foot shopping center.  The loan was placed on a 15-year term, amortized over 30 years, at an interest rate of 5.76%. Constructed in 1985, the property is anchored by a 108,378 square foot Kohl’s Department Stores and a 50,174 square foot Pathmark Supermarket.  The property is 100% occupied and has only experienced small frictional vacancies over the last several years. In-line tenants include FedEx/Kinko’s, Petland Discount, Children’s Place, Dress Barn, Game Stop, Joyce Leslie, and KB Toys. 

 

In a separate transaction, financing of $18,000,000 was secured for Hadley Center II, an 85,000 square foot center.  The loan was placed on a 10-year term, amortized over 30 years, at an interest rate of 5.51%.  The center was constructed in 2005 and is anchored by a 45,882 square foot Marshalls Mega Store.  Other major tenants include a Harmon Stores, Five Below, and Famous Footwear. The center is also shadow-anchored by a 141,892 square foot Target Store.

 

The properties are located on Stelton Road, at Hadley Center Drive, in South Plainfield, Middlesex County, New Jersey.  Stelton Road, which intersects Interstate 287 at Exit 5, has a daily traffic count of 29,000 cars.  US-Route 1, the Garden State Parkway and the New Jersey Turnpike are all located 5 miles east of the subject property.  The Borough of South Plainfield is situated between Piscataway and Edison in the northern section of Middlesex County, approximately 26 miles southwest of New York City and 60 miles northeast of Philadelphia.