NEW JERSEY—David Cronheim Mortgage Corp.’s Dev Morris and Andrew Stewart have secured $15 million for Crossroads Center, a ShopRite-anchored retail center located at the intersection of Routes 166 and 37 in Ocean County, N.J.
The 10-year loan will amortize over a 30-year schedule for the borrower, Dan-D, a local real estate developer, owner and manager.
Previously named the Dover Mall, Crossroads Center has been recently redeveloped to encompass a total of three buildings and 123,608 sq. ft. Currently, the center is 94 percent occupied and includes other tenants such as Staples, Spirits Unlimited and Party Fair, among others.
The developer has approvals to construct an additional 105,038 sq. ft. of space.