CRONHEIM MORTGAGE ARRANGES $17,400,000

FOR ANCHORED RETAIL CENTER IN HOLMDEL, NEW JERSEY

Holmdel, NJ – Andrew Stewart and Dev Morris of David Cronheim Mortgage Corporation have secured $17,400,000 in total financing for a 93,068 square foot anchored retail and office center in Holmdel, NJ. The loan was placed for a 10-year term and has a 25-year amortization. The interest rate on the loan is at 6.32%.

The Subject is co-anchored by an 87,932 square foot Kohl’s Department Store and a 36,500 square foot TJ Maxx. The remaining tenants are a mix of local and national brands, including 7-Eleven, Beach Bum Tanning, Harmon Cosmetics, and a freestanding Wachovia bank.

The subject loan was structured in 2 phases: an initial funding of $12 million based on rents in place, with the ability to earn out an additional $5.4MM over a 2 year period. This gave the borrower the opportunity to sign a new lease with SteinMart, a regional department store chain that replaced the former TJ Maxx in the same space, at a higher rent. A portion of the proceeds was also used to renovate the center’s façade and signage.

The subject property is located at 2143 State Route 35 in Holmdel, Monmouth County, New Jersey. State Route 35 is a major state highway serving the Monmouth County area. The immediate area has other major retailers including Toys R Us, Staples, Costco, Lowe’s, Best Buy, and Old Navy.