James Risko of David Cronheim Mortgage Corp., Chatham, NJ, arranged the loan through one of Cronheim's life insurance correspondents. The borrower is a New Jersey-based development company, which was not named. The principal member of the borrowing entity also owns an adjacent property that houses an A&P supermarket.
The 4.7-acre Villager Hardware site, at 55 Mayhill Rd., formerly contained a 100,000-sf industrial building. The borrower demolished the existing structure and obtained rezoning and necessary approvals to redevelop it as a retail center.
Besides the Villager Hardware store, which opened in August 2000, the siteplan allows for an additional 20,000 sf of retail space. The latter space is actually on a different tax lot, so its presence had no effect on the structure of the recent financing.
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