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ELIZABETH, NJ-Elberon Development Co., Cranford, NJ, has received $2.8 million in refinancing for the 492,000-sf Wakefern Foods warehouse here. The loan, arranged by Jim Risko of David Cronheim Mortgage Corp. of Chatham, NJ, has a self-amortizing 38-month term. The source of the financing was not disclosed.

Situated on a 24-acre site near the New Jersey Turnpike, the facility is fully occupied by Wakefern Foods, which uses it as its main warehousing and distribution center and headquarters. Built in stages between 1958 and 1970, the complex consists of a one-story main warehouse with limited second story and mezzanine space, and several ancillary buildings, including an office building.

Wakefern is the country’s largest retailer-owned supermarket cooperative. Owned by 38 independent grocers, the co-op operates 190 ShopRite supermarkets in the Mid-Atlantic and Northeast regions, and holds the number one market share in New Jersey.

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