Morris and Stewart of Cronheim secure $13.2 million for 261,451 s/f

Dev Morris and Andrew Stewart have arranged permanent financing in the amount of $13.2 million for a Toys "R" Us, Conway, Office Depot, and Bob's Stores anchored shopping center. The seven-year, fixed-rate loan was placed with American National Insurance Co., whom Cronheim represents as correspondent and servicing agent. This is the second significant area shopping center financing recently done by American National, the other being a construction/permanent loan done on Marlboro Commons, a Whole Foods anchored center in Marlboro, N.J. The subject property is a 261,451 s/f community shopping center located in Passaic County, NJ, 15 miles west of Manhattan. The center features a mix of local and national retailers including Applebee's, Citibank, Linwood Pizza, and Harmon Discount, among others. It is located along U.S. Rte. 46, one of the most heavily traveled retail corridors in northern N.J. which houses more than 6.4 million s/f. According to Morris, "This center is among the most visible and accessible properties in its trade area and has occupied a dominant position since it was built in the early 1970's, continuing to attract a desirable mix of local and national retailers." Founded in 1897, David Cronheim Mortgage Corporation and its affiliate companies located in Chatham, NJ provide an array of real estate services including debt and equity for investment grade real estate. Through their Channel Real Estate Funds affiliate they have provided mezzanine and equity capital for numerous real estate assets in an efficient and cost effective manner. Cronheim Mortgage maintains correspondent and/or servicing relationships with 12 institutional investors, mostly insurance companies, and currently services $1,900,000,000 of debt. The company and its insurance company correspondents have substantial debt and equity capital to invest in quality real estate at pricing below alternative sources, especially for long-term debt