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MIDDLETOWN, NY-David Cronheim Mortgage Corp. of Chatham, NJ, reports it has brokered $66 million in financing for an affiliate of National Realty and Development Corp. of Purchase, NY. The financing was to pay off construction debt on National’s Orange Plaza shopping center here.

National is in the final stages of redeveloping Orange Plaza, a former regional mall, into a 900,000-sf open-air shopping center. Major tenants at the complex include the Home Depot, Kohl’s, Bed, Bath, & Beyond, Modell’s, Famous Footware, Marshalls, Burlington Coat Factory, Staples and a 228,000-sf Wal-Mart Supercenter. Those anchor tenants occupy the majority of the center.

The property is also occupied by a variety of restaurants including Red Lobster, Kentucky Fried Chicken, Applebee’s, Taco Bell and Chuck E. Cheese.

Andrew Stewart, CEO of David Cronheim Mortgage, says, “National Realty has accomplished what no other developer could have; that is to transfer a dormant, functionally obsolete mall into a powerhouse that will dominate its submarket for many years to come. This is really quite an impressive feat.”

Stewart notes that part of the financing deal, which has a 10-year term and 30-year amortization, included some funds for the redevelopment of a former 120,000-sf Super Kmart store. Work is now underway to redevelop the former Kmart store for Burlington Coat Factory and Annie Sez.

Orange Plaza is located on Route 211, a major commercial and retail corridor in the Orange County area. It is located across Route 17 from the Galleria at Crystal Run, an enclosed regional mall built in 1992 and nearby Dunning Farms, a strip regional mall whose tenants include Toys R Us, Dress Barn, Pet Smart and Media Play.

The owner of Orange Plaza, National Realty and Development Corp. is a development and management firm that has a portfolio of more than 14 million sf, including more than 100 shopping centers, corporate business centers and residential communities located in 15 states.

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