Town Center Plaza at Route 130 and Route 133 in East Windsor — Courtesy: Cronheim Mortgage
By Joshua Burd
The owner of two shopping centers in Mercer and Union counties has secured $17.5 million in financing for the grocery-anchored properties, brokers with Cronheim Mortgage announced.
In a news release, the team said the debt includes $11 million for Town Center Plaza, a 196,014-square-foot complex near the junction of Route 130 and Route 133 in East Windsor. Southern Farm Bureau Life Insurance Co., a lender that Cronheim represents as a servicer and correspondent, provided the long-term financing on a 15/30 basis and with a stepdown prepayment structure in the last 10 years of the loan.
Constructed in 1998, Town Center Plaza has ShopRite as its anchor and other tenants such as a regional movie theater and Chipotle, among others, the news release said. The property sits on 35.51 acres and has parking for more than 1,250 spaces, benefiting from a trade area of more than 16,000 households within three miles and with an average annual household income exceeding $155,000.
Cronheim’s Andrew Stewart, Dev Morris, and Allison Villamagna secured the financing on behalf of the borrower, a New Jersey-based firm. They also sourced the second transaction, a $6.5 million loan for the 89,624-square-foot Garwood Mall at 300 South Ave., which is anchored by Kings Food Markets and features Crunch Fitness, AutoZone and other merchants.
American United Life, also a correspondent lender for Cronheim, provided the loan on a 10/25 basis with a flexible prepayment structure.
