Cronheim finances two loans totaling $7.825 million

Cronheim Mortgage has arranged financing of $7.825 million in two separate permanent financings. Andrew Stewart and Anna Westhoff of Croheim arranged $4 million for Oyster Point Plaza shopping center in Newport News. The second financing, totaling $3.825 million, was arranged by Dev Morris and Stewart of Cronheim, for a two-building office/flex complex within the Middlesex Business Center, in South Plainfield, N.J. Oyster Point Plaza is a Food Lion anchored shopping center located in the heart of Newport News, on Oyster Point Road. The $4 million loan was secured by this 73,197 s/f shopping center and was structured with a ten year fixed-rate and 25-year amortization schedule. The borrower is a New York based group of investors. Oyster Point Plaza, which is situated upon 7.24 acres, was originally constructed in 1978 and renovated in 2000.Food Lion occupies 55% of the center, while the remaining units are tenanted by a mix of local and national retailers including Weight Watchers, Sherwin Williams and Subway, among others. The plaza also includes two outparcel units which are currently occupied by Exxon and KinderCare. Other national retailers located on this densely populated corridor include Dillard's, Macy's, JCPenney, Starbuck's, and Bonefish Grill. A second financing totaling $3.825 million was arranged for a two-building office/flex complex in Middlesex Business Center, in South Plainfield, J. The 20 year, self-amortizing loan was placed with American United Life Insurance Company, whom Cronheim represents as correspondent and servicing agent. Middlesex Business Center is a premier corporate park located off Exit 5 of Route 287. Over the last 15 years, Cronheim Mortgage has financed virtually every building within the center, which contains over 420,000 s/f of office, flex/industrial space. The two, single-story office/flex buildings on the property, which are 48,000 s/f and 48,407 s/f, respectively, are constructed of precast masonry units and masonry block walls built upon concrete slabs. Both buildings feature multiple sets of glass entrance doors for direct access to each tenant suite. The buildings are presently occupied by a variety of tenants covering a range of sectors including pharmaceuticals, biotechnology, and solar energy. OM Group, Inc., one of the tenants, is a leading global solutions provider of specialty chemicals and advanced materials through groundbreaking technologies. The company's products are applied toward solutions for affordable energy, clean water and air, and portable power. "These two transactions had very different profiles, with different financing objectives," said Morris. "However, we were able to use our broad knowledge base of capital sources to meet those objectives."