Cronheim Mortgage arranged financing totaling $5.0 million for a Springfield, New Jersey retail center. The 15-year, fixed rate loan was placed with American United Life Insurance Company.
The subject property is an 80,000 sq ft retail center located in Springfield, New Jersey approximately 10 miles west of the Newark CBD. The property was built in 1972, renovated in 1995 & consists of one single-story building on 7.1 acres with a parking ratio of nearly 5:1. The premises were originally 100% occupied by Channel Home Centers and later leased to Linen 'N Things and Bob's Stores. After Linen 'N Things vacated the premises, the remaining space was quickly filled by Christmas Tree Shoppes.
Springfield Township remains one of the prime locations for retail development due to population density and high discretionary income. The subject is located on Route 22 and South Springfield Ave, and is accessible from both roads. Route 22 is one of the highest traffic and successful retail thoroughfares in NJ.