Marketplace at Cinnaminson at 2501 Route 130 South in Cinnaminson — Courtesy: Cronheim Mortgage
By Joshua Burd
National Realty & Development Corp. has secured $11 million to refinance a 328,000-square-foot shopping center in Cinnaminson, in a deal arranged by Cronheim Mortgage.
American United Life, an Indiana-based insurer, provided the debt to NRDC in connection with Marketplace at Cinnaminson at 2501 Route 130 South, according to a news release. Cronheim’s Andrew Stewart, Dev Morris and Allison Villamagna sourced the loan, citing the strength of the Walmart-anchored center and a location that’s just over 10 miles from Philadelphia.
The mortgage banker also noted that it has arranged more than $1.5 billion in financing for NRDC, a New York-based real estate firm with more than 20 million square feet of retail holdings, since 1995. It acts as a correspondent and servicer for AUL, which helped secure attractive terms including a 30-year amortization period and a 120-day rate lock, providing the borrower with optimal cash flow and peace of mind.
Built in 2001, the Marketplace at Cinnaminson is a sprawling retail center on nearly 40 acres and also has Sam’s Club as a tenant, while the Walmart has expanded at the property since it opened. Other tenants include King of Gains Gym and Harbor Freight Tools.
