Cronheim Mortgage secures $21 million acquisition financing for The Plaza at Cape May Court House
Cape May Court House, NJ Cronheim Mortgage has secured $21 million in acquisition financing for a grocery-anchored shopping center. Brandon Szwalbenest, Dev Morris, and Andrew Stewart placed the financing with one of Cronheim’s life insurance company relationships. The fixed rate permanent loan featured attractive pricing, moderate leverage (68% LTC), and open prepayment after only 18 months. Cronheim also raised a significant portion of the equity alongside the sponsors, NY-based Alpine Real Estate Partners, a real estate firm specializing in the acquisition, development, and operation of high-quality assets across key markets in the Eastern U.S.
The Plaza at Cape May Court House is anchored by Acme, which has operated at the property for 29 years and is a top-performing grocer in the state. Built in 1971 and renovated in 2022, the subject encompasses 163,629 s/f and is leased to 16 additional national, regional and local tenants, including Starbucks, Staples, and CVS. The property has experienced strong leasing momentum over the past two years, with 25,950 s/f absorbed by nationally recognized tenants, including Jersey Mike’s, Chase Bank, and True Value Hardware.
Cape May County, home to 95,263 year-round residents, experiences a surge to over 820,000 visitors during peak summer months as tourists flock to its 30 miles of beaches and enjoy its temperate maritime climate. The property is positioned as the shopping destination for the nearby communities of Avalon and Stone Harbor, the 3rd and 4th most affluent zip codes in New Jersey. The center benefits from visibility at the intersection of Stone Harbor Blvd. and Rte. 9 and is also in close proximity to the Garden State Pkwy. In addition, the subject is located across the street from Cape Regional Medical Center, Cape May County’s largest private employer.