The owner of the Styertowne Shopping Center off Route 3 in Clifton is upgrading the property, a project that includes modernization of the façade, a refinishing of the parking lot and upgrades to all signage. — Rendering courtesy: Cronheim Mortgage
By Joshua Burd
The owner of the historic Styertowne Shopping Center in Clifton has refinanced the grocery-anchored property for $20 million, brokers with Cronheim Mortgage said last week.
According to the debt placement team, Reinsurance Group of America provided the 10-year loan in connection with the 236,000-square-foot complex at Bloomfield Avenue and Route 3 West. The brokers added that the deal has an interest-only period during the center’s ongoing renovation, as well as a stepdown prepay during the final three years of the loan.
Cronheim’s Andrew Stewart, Dev Morris and Brandon Szwalbenest arranged the transaction, noting that Styertowne was built in 1949 and has since been a hub for shoppers in Clifton and the region. Its latest update is underway and includes the modernization of the façade, a refinishing of the parking lot and upgrades to all signage, while the property in May welcomed a new 56,000-square-foot Stew Leonard’s Farm Fresh Food & Wine.
Other tenants include Michael’s, Planet Fitness, Dollar Tree, GNC and Gembro, among others, all of which benefit from the area’s population of more than 260,000 within a three-mile area radius and daily traffic counts of more than 100,000 on Route 3.
