CRONHEIM MORTGAGE ARRANGES $11,000,000

FOR RETAIL PROPERTY IN TURNERSVILLE, NEW JERSEY

TURNERSVILLE, NJ – Andrew Stewart and Dev Morris have arranged $11,000,000 in financing for Washington Plaza, a retail property, at 780 Black Horse Pike in Turnersville, New Jersey. The loan has a 15 year term and 25 year amortization. The subject property is a 196,043 square foot shopping center with 980 parking spaces on approximately 25 acres of land. It consists of one large strip center, anchored by Burlington Coat Factory and L.A. Fitness, and two pad-sites. Cronheim acts as loan servicer and correspondent for this loan.

Washington Plaza is located on the south side of Route 42 (Black Horse Turnpike) at the intersection of the Atlantic City Expressway in Turnersville, Washington Township, New Jersey.  The subject enjoys excellent visibility on Route 42, where over 53,600 cars pass daily. Burlington Coat Factory has occupied a former Caldor location at this site since 1999 and L.A. Fitness occupies a building rebuilt for them since 2000.

Burlington Coat Factory Warehouse Corporation was established in 1924 with the wholesale sales of ladies coats and juniors suits and occupies 90,000 square feet at the subject. The company opened its first retail store in 1972.  Over 350 stores can be found in 42 states nationwide. L.A. Fitness, a privately owned, 400-health club chain established in 1984, currently occupies 60,000 square feet at the subject.  The other tenants in the plaza include Hello Gorgeous Salon, Joyce Leslie, Dress Barn and T.G.I. Friday’s among others.