The loan was placed with American United Life, one of Cronheim's insurance company correspondents, on behalf of the borrower, an affiliate of the Stavola Cos. of Tinton Falls, NJ. The financing has a structure in which additional proceeds are released to the borrower upon the completion of a Michael's store currently under construction.
Pond Road South, built back in the 1960s, totals just under 84,600 sf of retail space, most of it divided into three pad sites. Circuit City occupies one pad and anchors the center, while Pier 1 Imports and Provident Savings Bank occupy the others. The adjacent Pond Road North, anchored by Staples, functions as part of the shopping center, although it has different ownership. Cronheim also financed the latter.
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