The Plaza at Cape May Court House at 11 Court House South Dennis Road in Cape May Court House — Courtesy: Cronheim Mortgage
By Joshua Burd
The new owner of a grocery-anchored shopping center in Cape May Court House has secured $21 million in financing for the asset, in a deal arranged by Cronheim Mortgage.
According to the debt placement team, a life insurance company provided the fixed-rate permanent loan in connection with The Plaza at Cape May Court House at 11 Court House South Dennis Road. That helped Alpine Real Estate Partners, a Manhattan-based firm, complete the deal for the 163,629-square-foot property, which has had Acme as its anchor for nearly 30 years.
Built in 1971 and renovated in 2022, the center is also home to 16 other national, regional and local tenants, including Starbucks, Staples, and CVS, Cronheim said. The property has experienced strong leasing momentum over the past two years, with 25,950 square feet absorbed by the likes of Jersey Mike’s, Chase Bank and True Value Hardware.
Cronheim’s Brandon Szwalbenest, Dev Morris and Andrew Stewart placed the acquisition loan, which has a 68 percent loan-to-cost ratio and open prepayment after only 18 months. The firm also raised a significant portion of the equity alongside the sponsor.
In a news release, the brokerage team noted that The Plaza at Cape May Court House is the dominant shopping destination for the nearby affluent communities of Avalon and Stone Harbor. It also benefits from strong visibility at the busy intersection of Stone Harbor Boulevard and Route 9, with a location near the Garden State Parkway and directly across the street from Cape Regional Medical Center, Cape May County’s largest private employer.
