The financing package was arranged by Andrew Stewart of the David Cronheim Mortgage Corp., based in Chatham, NJ. The loan was placed for a 10-year term and a 25-year amortization. The source of the financing was not disclosed, although Cronheim currently maintains correspondent and servicing relationships with 10 institutional investors, mostly insurance companies. The firm also acts as a real estate advisor to two REITs, the Monmouth Real Estate Investment Trust Corp. and United Mobile Homes, Inc., according to Stewart, and it has satellite offices in Trenton, NJ and Ridgefield, CT, and an affiliate office in New York City.
Shrewsbury Executive Center is located on Route 35 in eastern Monmouth County, a few miles south of Red Bank and just north of Fort Monmouth, an active military base. Immediately adjacent to the property are other assets owned by National Realty and Development, including the Shrewsbury Business Center, a three-building, 78,000-sf office/flex complex which Cronheim provided financing for back in 1998. NRDC also owns and manages the adjacent Shrewsbury Plaza, a 224,602-sf shopping center anchored by Marshall's and an Acme Supermarket.
NRDC's current portfolio of more than 100 properties totals some 13 million sf in 15 states. Its holdings include shopping centers, corporate office properties and residential communities, and the company maintains tenant relationships with Wal-Mart, Kohl's Department Stores, Lowe's Home Centers, Toys 'R' Us, Regal Cinemas, Sears, A&P, Fleet Bank, among others.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.