CRONHEIM MORTGAGE ARRANGES $52,900,000 FOR
NORTHAMPTON CROSSINGS IN EASTON, PA
Chatham, NJ – Andrew Stewart and Dev Morris
of David Cronheim Mortgage Corporation have arranged financing of $52,900,000 for Northampton Crossings, a 621,860 square foot regional power center located in Easton, PA. The loan has a 10-year term and 30-year amortization, with the first three years interest only, at an interest rate of 5.64%.
The subject property is the dominant
retail center in Easton. It is 100% occupied and anchored by a 207,533
square foot Wal-Mart Supercenter as well as Sam’s Club, Kohl’s Department
Store, Sears Hardware, Redner’s Markets, a 14-screen Regal Cinemas, and
Staples. In addition to the retail opportunities provided by the anchor
tenants, the center includes a wide variety of other retail tenants
including Subway, E.B. Games, Frank’s Pizza, Network Wireless, GNC, Regis,
and Sally Beauty. Wal-Mart, who has occupied the property since it was built
in 1995, took advantage of intelligent planning by the developer National
Realty and Development Corporation to expand the existing store to a
Supercenter in 2004. Notable out-parcel tenants include Starbucks and
Blockbuster Video, as well as Catherine’s, a woman’s clothing retailer.
The subject property is located at the busy intersection of Route 248 and Route 33. Route 248 runs for 31 miles from U.S. Highway 209 in Weissport, PA, to PA State Route 611 in Easton, PA. Pennsylvania Route 33 is a recently expanded 26-mile long freeway in Eastern PA that offers outstanding north and south access to the property. The property is located approximately 10 miles west of the New Jersey border in northeastern Pennsylvania. Easton is a fast growing part of the Lehigh Valley.
According to David Cronheim Mortgage CEO Andrew Stewart, “National did an outstanding job of maximizing the utility of this property. The financing we arranged should ensure a stable future for this high quality asset.”
