NEW JERSEY—Cronheim Mortgage has arranged financing for the land acquisition and construction of shopping center located at the intersection of Routes 9 and 520 in Marlboro.
The financing consists of an 18-month construction loan followed by a mini-permanent loan term of five years, with the rate fixed for the entire term.
Dev Morris and Andrew Stewart arranged the facility for an affiliate of Glen Rock-based Pagano Real Estate Inc. The loan was placed with American National Insurance Company, for which Cronheim acts as correspondent and servicing agent. Cronheim's affiliate, Channel Real Estate Investors, provided additional financing capital.
Construction has commenced on the 100,421-sq.-ft. center and the property is more than 60 percent preleased. Anchor tenants include a Whole Foods supermarket and a freestanding Walgreens drugstore. The development also includes the site's existing freestanding PNC Bank, which will be expanding.