Cronheim Mortgage has secured $11M for the refinancing of the Marketplace at Cinnaminson, a 328,000 square foot Walmart-anchored shopping center located in Cinnaminson, NJ. Andrew Stewart, Dev Morris, and Allison Villamagna collaborated to secure financing on behalf of National Realty & Development Corp., a New York-based real estate firm with over 20 million square feet of retail. Cronheim has provided over $1.5 billion in financing for NRDC since 1995. Financing was provided by American United Life (AUL), an Indiana-based life insurance company that serves as one of Cronheim's key lending partners. Cronheim Mortgage acts as a correspondent and servicer for AUL, a role that fosters collaborative discussions between borrower, mortgage banker, and lender. In this instance, those discussions yielded attractive terms including a 30-year amortization period and a 120-day rate lock. In a volatile interest rate environment, these terms provided the borrower with optimal cash flow and peace of mind. Constructed in 2001, the Marketplace at Cinnaminson is a sprawling retail center situated on a sizable 39.58-acre lot. The property features an attractive tenant base including both Sam’s Club and Walmart, the latter of which has expanded its space at the center since its original development. In recent years, the property rounded out its tenant base with the King of Gains Gym and Harbor Freight Tools. The Marketplace at Cinnaminson is located in Cinnaminson, NJ, a South Jersey suburb located just over 10 miles from Philadelphia. Within Cinnaminson, the property is positioned with excellent frontage along the Burlington Turnpike, which sees traffic volumes in excess of 50,000 vehicles per day. The property’s location along this major retail artery solidifies its role as a key component of the area’s retail landscape for decades to come.
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Backed by a century’s worth of knowledge and expertise, Cronheim Mortgage provides a vast array of real estate services, including debt and equity for investment grade real estate. By leveraging the strong correspondent and/or servicing relationships we have cultivated with our institutional investors, including many insurance companies, we have continuously had access to substantial debt and equity capital to invest in quality real estate at pricing well below alternative sources, especially for long-term debt. We stand out from our competitors with our strong debt servicing portfolio, currently in excess of $2,000,000,000. Moreover, through our Channel Real Estate Funds affiliate, we have efficiently and cost-effectively provided mezzanine and equity capital for numerous real estate assets. We have placed debt/equity and serviced in 30 states, and continue to capitalize on new opportunities.
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