Old Colony Square at 420 Grand St. in Jersey City — Courtesy: Cronheim Mortgage
By Joshua Burd
The owner of a nearly 101,000-square-foot shopping center in Jersey City has closed on a $17.8 million loan for the property, brokers with Cronheim Mortgage announced Friday.
In a news release, the advisory team said it represented National Realty & Development Corp. in the transaction at 420 Grand St., the site of what’s known as Old Colony Square. A life insurance company provided the financing for the grocery-anchored property, offering a five-year term, 30-year amortization and a fixed interest rate of 5.89 percent.
Cronheim’s Brandon Szwalbenest, Andrew Stewart and Dev Morris sourced the loan, while the firm serves as both a correspondent and servicer for the lender. According to the news release, the 100,760-square-foot complex was fully leased at closing with tenants including 99 Ranch Market, one of the nation’s largest Asian supermarket chains, as well as McDonald’s, Advance Auto Parts, Dunkin’ and Jersey City Medical Center, among others.
Located in Jersey City’s Van Vorst Park, the property benefits from an area with a growing and evolving population, the news release said. Cronheim added that the nearby Bates Street Redevelopment Plan, a nine-acre mixed-use project, will further transform the area with new high-density residential developments.
