Belleville, NJ — Cronheim Mortgage has arranged $11.5 million in permanent financing for a 70,450 s/f grocery-anchored shopping center located in Belleville. Allison Villamagna and Andrew Stewart secured the 12-year financing which amortizes over 25 years. The loan was placed with Farm Bureau Life Insurance Company, whom Cronheim represents as correspondent and servicer.
The subject property is anchored by ShopRite who occupies 61,000± s/f and is complemented by a liquor store, Pizza Hut, and a jeweler. The Subject underwent extensive renovations to bring in ShopRite after Pathmark vacated the center in 2010. This location is operated by Nutley Park ShopRite, Inc., who also operates the ShopRite in Nutley.
The property has excellent visibility, with 840 feet of frontage, and great accessibility, with three points of ingress and egress along the north side of Washington Avenue. There is ample surface parking as well as an underground parking lot with capacity for over 140 vehicles. The underground lot is monitored by surveillance cameras and is serviced by a shopping cart elevator which provides direct access to the interior of ShopRite.
Cronheim Mortgage has secured 75% LTC financing for the acquisition of The California Building in downtown New Orleans, LA. Originally an office building, the property had been converted to class A multifamily. Currently, the units were leased as a combination of both multifamily and short-term rentals due to the building’s unique advantage of holding a hotel license. The property is located adjacent to the French Quarter, Superdome and Tulane Medical Center providing an ideal location for both residents and visitors.
The Sponsor, Servio Capital, plans to convert the building to condos and sell units to both short term rental investors and owner occupants. The building’s unique ability to operate entirely as short-term rentals makes it an ideal investment for those who want to enjoy part-time use of the units while also earning a return by renting out their unit when not in use.
David Turley, chief operating officer of Cronheim Mortgage, noted: “Capital markets have changed dramatically in recent months. A comprehensive marketing effort for debt is more important than ever, not only to ensure the best terms but also to create multiple options. We saw that pay off here when the initial lender ultimately could not get comfortable with the business plan and we were able to quickly pivot to another option without putting the Sponsor’s hard deposit at risk.”