The Shops at Windsor Green at 3495 Route 1 in West Windsor — Courtesy: Cronheim Mortgage
By Joshua Burd
The owner of a grocery-anchored retail center in West Windsor has landed $19 million in permanent financing, in a deal arranged by Cronheim Mortgage.
In a news release, the debt placement team said a correspondent life insurance company placed the loan for The Shops at Windsor Green, which spans 157,200 square feet at 3495 Route 1. The borrower, an affiliate of the Mainardi Management Co., secured a fixed 3 percent interest rate and a seven-year term, with funds set aside for façade and parking lot renovations.
Cronheim’s Andrew Stewart, Dev Morris and Allison Villamagna brokered the transaction, adding that Andrew Mainardi III and Richard Mainardi Jr. of the shopping center’s ownership group were actively involved in negotiating and closing the loan.
“The property’s façade renovation coupled with Whole Foods having recently extended its lease will serve to enhance its already dominant position in the trade area,” Morris said.
Additional anchors at the site include Marshall’s and Staples, Cronheim said, noting that the property was built in 1993 and was originally anchored by Pathmark. Whole Foods replaced the supermarket in May 2004 and is joined by a mix of local and regional tenants including Dogs and Cats Rule, Honor Yoga, Nothing Bundt Cakes, Jersey Mike’s Subs, Haircuttery and Roots Asian Kitchen.
