Cronheim Mortgage secures $75 million financing for 811,272 s/f Orange Plaza

Middletown, NY Cronheim Mortgage has arranged $75 million in financing for Orange Plaza, an 811,272 s/f regional power center. The loan was structured on a 7/30 basis and placed with one of Cronheim’s life insurance company relationships, whom the firm represents as both a correspondent and servicer. Brandon Szwalbenest, Andrew Stewart, and Dev Morris of Cronheim Mortgage secured the financing on behalf of National Realty & Development Corp.

The subject property was 94% occupied at closing and is anchored by Walmart, Home Depot, Kohl’s, and Burlington, with tenancies dating to 2002, 1994, 2000, and 2003, respectively. The property is further supported by a roster of junior anchors and in-line tenants, including Ross, Marshalls, Staples, and Old Navy.

Located 55 miles northwest of New York City, Middletown is the largest city in Orange County, a key county within the Hudson Valley region. Orange Plaza benefits from frontage and access to State Rte. 211 (~36,000 VPD), State Rte. 17 (~70,000 VPD), and I-84 (~60,000 VPD), providing connectivity to a broad trade area encompassing the Hudson Valley, Eastern Pennsylvania, and Northern New Jersey. The property is situated within a retail corridor, with more than three million s/f of retail space located within a two-mile radius.

The sponsor is an affiliated entity of National Realty & Development Corp (NRDC). For over 50 years, National Realty & Development Corp. and its principals have built a reputation as one of the leading development and management firms in the Northeast. The company has amassed a portfolio in excess of 22 million s/f, primarily comprised of power centers and grocery-anchored community shopping centers. With 75 properties in its portfolio featuring hundreds of unique tenants, NRDC prides itself on having some of the strongest tenant relationships in the industry, allowing for the consistent high-end performance of the company’s assets.