CLINTON, NJ-National Realty and Development Corp., based in Purchase, NY, received permanent financing totaling $21 million for its Wal-Mart Plaza here. The funding was arranged by Andrew Stewart of David Cronheim Mortgage Corp., based in Chatham, NJ.

The loan was placed for a 10-year term and a 22-year amortization for the borrower, an affiliate of NRDC, according to Stewart. With the transaction, American National Insurance Co. extended and increased an original loan of $12.7 million dating back to 1997, with Cronheim Mortgage acting as correspondent and servicing agent for both the earlier loan and the latest financing.

The property is a 262,000-sf community shopping center anchored by a 116,560-sf Wal-Mart, a 59,200-sf Shop-Rite supermarket and a 28,000-sf TJ Maxx. The center also contains 24 in-line tenants, including Hollywood Video, Pet Valu, Dollar Tree, Payless Shoes and Verizon Wireless.

Just under 33,000 sf was added to the property earlier this year to accommodate TJ Maxx and Payless, as well as EB Games. The center’s expansion resulted in the renewal and increase in the earlier $12.7 million financing package.

Wal-Mart Plaza is situated at the intersection of I-78 and Route 513 in a corridor that has been one of the state’s most active in terms of economic expansion. Large-scale residential and commercial development has marked the area along I-78 in the western half of the state since the late 1980s. The population within a five-mile radius is nearly 32,000, with an average household income of nearly $117,000.

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