Cronheim Mortgage arranged $6 million in financing for a 106,290 square foot retail property located in Toms River, NJ. The 17.5-year self-liquidating loan was placed with The State Life Insurance Company, whom Cronheim represents as correspondent and servicing agent. The interest rate was locked 6 months prior to closing at 3.93%.
The Subject was constructed in 1994 upon an 11.275 acre site just off of the Garden State Parkway. The property is fully leased to Home Depot which shadow-anchors a larger 130,000 square foot retail development.
The subject property is well located on heavily traveled Route 9 in Ocean County, NJ which benefits from nearby employment centers such as Joint Base McGuire-Dix-Lakehurst military facility, Southern Ocean County Hospital and Community Medical Center, the Ocean County government, and popular shore attractions. Within a 5-mile radius, the population is approximately 165,777 with an average household income of $75,400.