Cronheim Mortgage secured $6.0 million in financing for Village Walk, a 60,000 square foot retail property located along the Route 70 retail corridor in Cherry Hill, NJ. The loan was structured with a 5 year term and was placed with a local New Jersey bank.
The Subject is currently 100% leased to 14 tenants including a yoga studio, Italian restaurant, sneaker store, bridal boutique, fitness center, and hair salon, among others. The property is in an excellent location just east of the New Jersey Turnpike and I-295. The lender was able to provide aggressive proceeds and a competitive rate based on the strong sponsorship and property performance. Historical occupancy has been 92% or better for the last 10 years.