CRONHEIM MORTGAGE ARRANGES $20,000,000

FOR RETAIL CENTER IN HACKETTSTOWN, NEW JERSEY

Hackettstown, NJ – Andrew Stewart and Dev Morris of David Cronheim Mortgage Corporation have secured financing of $20,000,000 for Mansfield Commons, a 271,979 square foot shopping center in Hackettstown, NJ. The loan was placed for a 15-year term and has a 30-year amortization. The interest rate on the loan is at 6.35%.

The subject property is anchored by a 123,519 square foot Wal-Mart under a long-term lease. The Subject is also anchored by a new 88,830 square foot Kohl’s department store. Kohl’s recently signed a new lease, which replaced a former 65,000 square foot A & P grocery store and included a 23,830 square foot expansion. The remainder of the tenants are a mix of local and national brands, including Dollar Tree, Radio Shack, GNC, Sears Hardware, and Arby’s. According to Andrew Stewart, CEO of David Cronheim Mortgage Corporation, “This center is a prime example of how National Realty and their vertically integrated development platform are able to develop retail environments that are beneficial to the community as well as being profitable.”

The subject property is located on Route 57 in Hackettstown, Warren County, New Jersey. Route 57 runs from an intersection with US Highway 22 in Lopatcong, New Jersey to an intersection with New Jersey State Highway 182 in Hackettstown. Route 57 is a highly trafficked retail corridor home to such major retailers as Home Depot, Lowes, and Marshalls. Also providing access to the Subject is State Route 46, a major local and suburban east-west roadway. Route 46 and Route 57 intersect approximately 2.5 miles north of the Subject.

The subject is located in the central section of Warren County, New Jersey. Retail sales in the three metros comprising the Northern New Jersey market are on the way to topping $63 billion in 2005, a 3.1 percent increase from the prior year. Warren County has been one of the fastest growing counties in New Jersey, with a 9.3% growth between 2000 and 2005. Over the next five years, the number of households is projected to increase by 9.4%.