NATIONAL FOOTPRINT

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.

REPRESENTATIVE TRANSACTIONS

To view more of our hospitality representative transactions, please visit our hospitality branch, CRONHEIM HOTEL CAPITAL, at http://www.chccapital.com/

Kohl’s Plaza - Holmdel, NJ

Updated: Sep 12, 2018


Andrew Stewart, Dev Morris, and Allison Moravec have secured $13.4 million in financing for a Kohl’s and SteinMart anchored retail property located in Holmdel, Monmouth County, NJ. The loan was structured with a 10 year term and 25 year amortization, and the interest rate was locked 4 months prior to closing. The property is managed by Purchase, NY-based National Realty & Development Corporation, who has a 22 million square foot portfolio. Tarrytown-based Gibraltar Management also has an interest in the property. The loan was placed with Voya Insurance and Annuity Company, whom Cronheim represents as correspondent and servicing agent.

The subject property, known as Kohl’s Plaza, is a 183,985 square foot shopping center situated upon 21.62 acres. The Subject is anchored by an 87,932 square foot Kohl’s and a 37,020 square foot Stein Mart. The remainder of the center is occupied by a strong mix of regional and national brands, including Jersey Mike’s, 7-Eleven, Harmon Stores, and Beach Bum Tanning, among others. There is also one 3,660 square foot outparcel which is occupied by Wells Fargo.

The property is located at the signalized intersection of Route 35 and Union Avenue in Holmdel, New Jersey. The Subject has exposure to 35,570 vehicles per day and is afforded excellent access with four points of ingress and egress including jug handle access on Route 35. Holmdel is a highly desirable location for its proximity to New York City and major highways, award winning public schools, and affluent demographics. The median family income in Holmdel is approximately $154,360 and the per capita income is $62,120.

 

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