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MONTVILLE, NJ-Permanent financing of $10.5 million has been secured for a 13.4-acre property in this Morris County community. Arranged by Andrew Stewart of David Cronheim Mortgage Corp., based in Chatham, NJ, the loan was placed for a 30-year term and amortization. The source of the financing was not disclosed.

The borrowers are Triangle 46 Properties LLC and Pinebrook 46 Properties LLC, a pair of local development groups who are currently developing the site, located in the Route 46 corridor, for retail use. The retail building currently under construction will be leased on a long-term basis by Home Depot, whose store will open later this year. Demographically, the population within a 10-mile radius is nearly 1.1 million with an average household income of almost $82,000.

Cronheim Mortgage maintains correspondent and/or servicing relationships with 10 institutional investors, mostly insurance companies, and acts as a real estate advisor to two REITs.

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