Urstadt Biddle lands $21 million loan for New Providence retail center, Cronheim says

May 19, 2022 | Finance & Capital Markets, Retail and Entertainment

1260 Springfield Ave. in New Providence — Courtesy: Cronheim Mortgage

By Joshua Burd

The owner of a 108,000-square-foot, grocery-anchored shopping center in New Providence has secured $21 million in financing for the site, in a deal arranged by Cronheim Mortgage.

According to the debt placement team, American United Life Insurance Company provided the loan to a subsidiary of Urstadt Biddle Properties Inc., the real estate investment trust. The transaction is providing permanent financing for the fully leased Springfield Avenue property, where Acme occupies 45,464 square feet alongside a host of other retailers such as CVS, Starbucks, Chipotle, Jersey Mikes and Orange Theory.

Cronheim, which represents American United as a correspondent and servicer, noted that the 10-year financing amortizes over 30 years.

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Joshua Burd

Joshua Burd, an award-winning reporter and editor, has been covering New Jersey commercial real estate for 13 years. Many industry leaders view him as the go-to real estate reporter in the state, a role he is eager to continue as the editor of Real Estate NJ. He is a lifelong New Jersey resident who has spent a decade covering the great Garden State.