Burlington, NJ Cronheim Mortgage has arranged $31 million in financing for a 358,000 s/f shopping center. Brandon Szwalbenest, Dev Morris, and Andrew Stewart placed the financing with one of Cronheim's life insurance company relationships. The loan was structured with a 10-year term, a 30-year amortization period, and a stepdown prepayment schedule.
The subject is located just a quarter mile away from an I-295 (AADT: 82,000+) interchange and approximately 20 miles away from Center City Philadelphia. Excellent nearby traffic volume gives tenants top-tier visibility, leading to superior long-term outcomes. These tenants include a strong group of national retailers, including Walmart, Planet Fitness, Ross, Marshalls, Five Below, AutoZone, and McDonald’s. The tenancy at Liberty Square Center is further supported by the strong demographic makeup seen within the Subject’s 3-mile trade area, which features a population of over 50,000 and annual average household income of $118,000, perfectly suited for the “national / value” tenant profile seen at the Subject. The property was 99.5% leased at closing.
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