550 Myrtle Ave. in Boonton — Courtesy: Cronheim Mortgage
By Joshua Burd
A real estate investment trust has secured an $11 million loan for a grocery-anchored shopping center in Boonton, according to a debt placement team with Cronheim Mortgage.
The borrower, a subsidiary of Urstadt Biddle Properties Inc., acquired the 62,740-square-foot complex at 550 Myrtle Ave. in 2014. It now has permanent financing for the asset, with RGA Reinsurance Co. providing a 10-year loan that amortizes over 30 years.
Cronheim’s Dev Morris and Andrew Stewart represented the borrower in placing the loan, noting that the property was 98 percent occupied when the deal closed. Anchored by Acme Markets, the site is also home to tenants such as a nail salon, a bagel shop and Dunkin’ Donuts and is part of a busy commercial corridor just off Interstate 287.
