Morris and Stewart of Cronheim Mortgage Corp. secure $15 million in financing

Dev Morris and Andrew Stewart of David Cronheim Mortgage Corp. have secured financing of $15 million for Crossroads Ctr,. a ShopRite anchored retail center located at the intersection of Rtes. 166 and 37. The 10-year loan, fixed at 3.6% and sized at a 9% debt cap, will amortize over a 30-year schedule for the borrower, Dan-D, a local real estate developer, owner, and manager. Cronheim has financed and services two other local area shopping centers for this developer, one anchored by a BJ's Wholesale Club with AIG and the other by Target and Lowes for Aviva Investors. Crossroads Center, which was previously known as the Dover Mall, has been recently redeveloped to encompass a total of 3 buildings and 123,608 s/f which are 94% occupied by ShopRite, Staples, Spirits Unlimited, Party Fair, and Visionworks. According to Andrew Stewart, "Saker ShopRite has built a 75,000 s/f 'World Class' store on this site, much of it at their own expense. For those who have never seen the inside of this store, it is an extraordinary example of how ShopRite has evolved from a local grocer to a polished retail powerhouse. The store has a tremendous variety of prepared foods in addition to their usual offerings." The developer has approvals to construct an additional 105,038 s/f; negotiations are well underway with users so that construction on the balance of the space will commence.