The separate sites are located in Brooklyn, NY and Springfield, NJ, according to Stewart. The Brooklyn financing is a 25-year, self-liquidating loan, while the Springfield loan has a 15-year self-liquidating term. The latter was placed on behalf of Wainwright Realty and financed by Southern Farm Bureau, which Cronheim represents as correspondent and servicing agent.
The Brooklyn property is a retail site on Avenue U and 56th St. in the New York City borough, situated immediately adjacent to the one million-sf Kings Plaza Shopping Center, which is anchored by Macy's and Sears department stores. The site has approximately 50,000 people within a one-mile radius, according to Stewart.
The Springfield property is a single-tenant retail building that is currently leased to Barnes and Noble. The 49,000-sf building is situated on just under 4.5 acres on US Route 22 in the Union County community.
David Cronheim Mortgage maintains correspondent and/or servicing relationships with 10 institutional investors, mostly insurance companies, and currently services more than $1 billion worth of debt. The firm also acts as a real estate advisor to two REITs, Monmouth Real Estate Investment Trust Corp. and United Mobile Homes Inc.
© 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.