Cronheim Mortgage secures $13 million permanent financing for 184,000 s/f community retail center in Holmdel, NJ

Holmdel, NJ Cronheim Mortgage has arranged $13 million in financing for Kohl’s Plaza, a 184,063 s/f shopping center. The loan was structured on a 10/30 basis and funded through one of Cronheim’s life insurance company relationships. Dev Morris, Allison Villamagna, and Andrew Stewart secured the financing on behalf of National Realty & Development Corp.

The loan is secured by Kohl’s Plaza, a large neighborhood shopping center, in one of Monmouth County’s most affluent submarkets. The property has strong in-place tenancy anchored by Kohl’s and supported by a mix of national and regional retailers including Ocean State Job Lot, Wells Fargo, Bella Dental, Hand & Stone, 7-Eleven, and Jersey Mikes. At closing, the property was 97% occupied and has since reached full leasing with the addition of Golf Cave, an indoor golf facility, and Tropical Smoothie Café. The subject is situated along a retail corridor (42,700± VPD along Rte. 35) with visibility and access, and proximity to the Garden State Pkwy., providing access to the broader New Jersey and New York metropolitan areas.

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