CRONHEIM MORTGAGE ARRANGES $20,000,000

FOR A RETAIL CENTER IN ATLANTIC CITY, NEW JERSEY

Atlantic City, NJ – Andrew Stewart and Dev Morris have arranged financing of $20,000,000 for English Creek Shopping Center located in Atlantic City, New Jersey.  The loan has a 10-year interest-only term. 

The subject property is a 201,592 square foot shopping center, including a wide variety of in-line retail and restaurant tenants. Major tenants include a 33,388 square foot B. Fabulous and a 28,032 square foot A. C. Moore. B. Fabulous, a ladies fashion accessories retailer, recently opened and has made a long-term commitment to the property. In addition, other large tenants include a 14,495 square foot Island Gym & Fitness II, a 12,974 square foot Premiere Hardware and Rental store, and a 10,239 square foot Star Tech Institute. The subject property is shadow-anchored by a Shop-Rite Supermarket and a Home Depot which are located at either end of the property.

The subject benefits from a convenient location on English Creek Avenue with good access to both of the region’s major access roads, including Highway 40 and US Route 322. Located approximately 7 miles north of Atlantic City, the center serves the residents who work in the area’s numerous restaurants, hotels and casinos.