Cronheim Mortgage has arranged $11.5 million in permanent financing for a 70,450 square foot grocery-anchored shopping center located in Belleville, NJ. Allison Villamagna and Andrew Stewart secured the 12-year financing which amortizes over 25 years. The loan was placed with Farm Bureau Life Insurance Company, whom Cronheim represents as correspondent and servicer.
The subject property is anchored by ShopRite who occupies 61,000± square feet and is complemented by a liquor store, Pizza Hut, and a jeweler. The Subject underwent extensive renovations to bring in ShopRite after Pathmark vacated the center in 2010. This location is operated by Nutley Park ShopRite, Inc., who also operates the ShopRite in Nutley, NJ.
The property has excellent visibility, with 840 feet of frontage, and great accessibility, with three points of ingress and egress along the north side of Washington Avenue. There is ample surface parking as well as an underground parking lot with capacity for over 140 vehicles. The underground lot is monitored by surveillance cameras and is serviced by a shopping cart elevator which provides direct access to the interior of ShopRite.