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Brokerage
Posted: February 21, 2017
Cronheim Mortgage secures $10.3 million refinancing for retail center in Somerset County
Franklin Park, NJ Cronheim Mortgage secured refinancing proceeds of $10.3 million for a grocery anchored retail center with a mix of solid local and national retailers including Dollar General and PNC Bank. The center is located in Somerset County.
The borrower was seeking maximum flexibility while it determined its long-term hold strategy. Cronheim sourced a non-recourse, three-year loan, 25-year amortization, with several extension options which allowed the ability to contemplate the possibility of a sale or longer term hold.
Cronheim has developed many long-standing and strong local and regional lender relationships that it has come to rely upon to help clients achieve their objectives.
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