Cronheim Mortgage has secured financing for Hadley Center II. The Subject is a five-unit retail condominium encompassing 226,500 square feet which is part of the area’s dominant retail development, Hadley Center, in South Plainfield, NJ. The loan was structured with a 15 year term and 30 year amortization and was funded by American General Life Insurance Company and American Home Assurance Company, whom Cronheim represents as correspondent and servicing agent. The interest rate was locked 8 months prior to closing.
According to Andrew Stewart, “this is just the latest of many mortgages we have arranged and serviced for a variety of buildings in this successful retail/flex development”.
Hadley Center II encompasses several structures including two outparcel buildings, a 65,088 square foot, 4-tenant strip building anchored by Marshalls, and a 153,562 square foot, 3-tenant Target-anchored building. The close proximity of the Subject to I-287, with traffic volumes of 99,500 vehicles per day, gives it advantageous positioning within the market which has resulted in consistently high occupancy rates historically. The property is currently leased to a variety of tenants including Marshalls, Famous Footwear, and Five Below, among others.
The subject property was constructed by National Realty and Development Corp., (NRDC) in 2005 upon a 22.62 acre parcel of land, adjacent to Hadley Center I. These two properties form the leading power center in the area containing 540,000 square feet of the nation’s top retailers including Target, Kohl’s, Dicks, Marshalls, and Regal Cinemas. The Subject is managed by NRDC, a leading retail development and management firm in the Northeast with a portfolio encompassing 78 projects, including retail power centers, grocery-anchored community shopping centers, and corporate/ industrial business parks, in 14 states. They also own and manage Middlesex Business Center, a multi-building business park featuring a variety of office, flex, and light industrial uses situated adjacent to the eastern border of Hadley Center.