Cronheim Mortgage arranges construction financing for Marlboro Commons

Cronheim Mortgage has arranged financing for the land acquisition and construction of a to be built shopping center located at the intersection of Rtes. 9 and 520. 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 of Cronheim 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 already commenced; the property is already over 60% pre-leased. The anchor tenants will 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. From its location at the signalized intersection, Marlboro Commons will draw from an affluent market with an average household income of more than $124,000. The site is situated on the 'going home' side of Route 9, a major commuter and retail corridor in this New York City suburb. Over 62,000 cars pass the site daily on Route 9, with another 12,000 passing on Route 520. The site has particularly good visibility and access with multiple entry points to the center from Route 9, Robertsville Road and a de facto jug handle that is part of the site. According to Dev Morris, "This was an exciting and rare opportunity for a new New Jersey retail property to be developed in a 100% location. We were not only able to not only make use of our portfolio lending relationships but also help continue to our successful track record as a source of capital for quality real estate projects. The developer has done an outstanding job in creating a viable project for both the town as well as retailers; we look forward to seeing this project through to its successful completion."