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TOTOWA, NJ-The ownership of the 258,151-sf Route 46 Shopping Center has obtained financing totaling $20 million for the asset. The financing was arranged by Andrew Stewart, chief operating officer of the Chatham, NJ-based David Cronheim Mortgage Corp.

The loan, which was placed with American National Insurance Co., has a 17-year self-amortizing term, according to Stewart. The borrower, a local ownership group, declined to be identified.

The center itself, located on a site of just over 20 acres along Route 46 in this Meadowlands submarket town, is comprised of two buildings. The first, which contains nearly 183,000 sf, includes two of the shopping complex’s anchor tenants, a 100,000-sf Linens ‘n’ Things and a 50,000-sf Office Depot. The building also includes seven inline tenants, including national chains Applebee’s Restaurant and Dunkin’ Donuts.

The second building totals just under 75,600 sf of space, and is fully occupied by the center’s third anchor tenant, Toys ‘R’ Us. Toys owns its own building and is under a ground lease for its space.

Cronheim Mortgage maintains correspondent and/or servicing relationships with 10 institutional investors, most of them 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.

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