Cronheim Mortgage has secured $19 million in permanent financing for The Shops at Windsor Green, a 157,200 SF grocery-anchored retail center located in West Windsor, NJ. Andrew Stewart, Dev Morris, and Allison Villamagna placed the loan with one of Cronheim’s life insurance company correspondents. The financing was structured on a 7-year term with funds set aside for façade and parking lot renovations. The interest rate is fixed at 3.00%. The property is owned by an affiliate of the Mainardi Management Co. of Wayne, NJ. Principals Andrew Mainardi, III and Richard Mainardi, Jr. were actively involved in the negotiations and closing of the loan.
The subject property is anchored by Whole Foods, Marshall’s and Staples. The property was constructed in 1993 and was originally anchored by a Pathmark supermarket. In May of 2004, the Pathmark was replaced by the Whole Foods that currently occupies the same space and is complemented by Marshall’s, Staples, and a mix of local and regional, tenants including Dogs and Cats Rule pet supplies, Honor Yoga, Nothing Bundt Cakes, Jersey Mike’s Subs, the Haircuttery, and Roots Asian Kitchen, among many others. According to Dev Morris, “The property’s façade renovation coupled with Whole Foods having recently extended its lease will serve to enhance its already dominant position in the trade area.”
The Subject is located along Route 1, one of the largest and most well-known retail markets in Central New Jersey. Within a three-mile radius of the Subject, there are over 4 million square feet of retail space. The region also boasts strong demographics with over 100,000 residents with an average household income of $195,000± within a five-mile radius.