The funding was arranged by Andrew Stewart, chief operating officer, and Dev Morris of David Cronheim Mortgage Corp., based in Chatham, NJ. The loan was placed for a 10-year term and carries a 30-year amortization, according to Stewart, whose firm currently services in excess of $1 billion of debt and has relationships with 10 institutional investors. The source of the funding was not disclosed.
Tice's Corner Marketplace represents one of the "hot" retail sectors in the Garden State, the so-called "lifestyle" shopping center genre that has been dominating the development and investment sales markets. The property itself sits on a 13.4-acre site in a North Jersey community that has an average annual family household income in the range of $202,000 and an average home value of about $485,000. The center, which also has close proximity to New York City, is set among a number of office buildings and residential communities.
Tice's Corner Marketplace is comprised of two freestanding buildings with a roster dotted with decidedly upscale retail tenants. On that list of retailers are such national names as Anthropologie, the Gap, Banana Republic, Express, Victoria's Secret, J. Crew, Bath and Body Works, Williams Sonoma, Pottery Barn, Panera Bread, Apple Computer and Hallmark, among others.
Besides its correspondent and/or servicing relationships with institutional investors, Cronheim also acts as a real estate advisor to two REITs, the Monmouth Real Estate Investment Trust Corp. and United Mobile Homes Inc.
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