Szwalbenest, Morris and Stewart of Cronheim Mortgage finance Walmart Plaza

Cobleskill, NY Cronheim Mortgage financed the Walmart shadow-anchored retail strip encompassing 24,506 s/f. Brandon Szwalbenest, Dev Morris, and Andrew Stewart placed the debt with an Oregon-based life insurance company, whom Cronheim represents as a correspondent and servicer. The 15-year financing was secured on behalf of National Realty & Development Corp., and is structured with periodic interest rate adjustments and a 15-year amortization.

At the time of closing, the property was 90% leased to a diverse tenant mix including Dollar Tree, AT&T, Rent-A-Center, Cutting Crew Hair Salon, and The Shoe Dept. Strategically positioned at the intersection of State Rte. 7/SR-145 and Borst Noble Rd., the property benefits from visibility and accessibility. SR-7/145 serves as the primary commercial corridor in the area, providing direct access to downtown half a mile west. Located in Schoharie County, Cobleskill lies in central New York, with access to the New York State Thruway and major markets such as Albany, Syracuse, and Buffalo.

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.