The loan was placed for a 10-year term with a 22-year amortization, according to Stewart. American National Insurance Co. funded the loan, with Cronheim Mortgage acting as correspondent and servicing agent.
Wal-Mart Plaza, located in a fast-growing region of the I-78 corridor in west central New Jersey, is anchored by a 116,500-sf Wal-Mart and a 59,200-sf ShopRite supermarket, which is being relocated to a new store on the site. "The relocation of ShopRite will ensure the property's stability for many years to come," according to Stewart.
Some 229,000 sf of the center has already been constructed, with another 27,000 sf still to be built. Other major tenants include Hollywood Video, Pet Valu, Dollar Tree and Verizon Wireless.
Owner National Realty and Development has a portfolio of 12 million sf of retail, office and residential properties in 15 states. Cronheim has financed some $200 million worth of property for NRDC and its affiliates over the last five years.
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