The Maintree Shopping Center at 301 South Main Road in Vineland — Courtesy: Cronheim Mortgage
By Joshua Burd
A grocery-anchored, 140,000-square-foot retail center in Vineland has changed hands with the help of more than $9.6 million in financing, brokers with Cronheim Mortgage announced.
According to the debt placement team, the transaction included both seller financing to meet a quick auction close and permanent financing of $9.63 million for the Maintree Shopping Center. A Philadelphia-based credit union provided the loan to the buyer, Aspen Real Estate, for the deal at 301 South Main Road.
Cronheim’s Andrew Stewart and David Poncia represented the borrower.
“Cronheim quickly targeted and engaged portfolio lenders to provide a clear path for a permanent financing takeout in addition to arranging seller financing, allowing the borrower to acquire the center at an attractive basis,” Poncia said. This was accomplished when many lenders were approaching retail more carefully due to the effects of the pandemic.”
The firm said the permanent financing has a 75 percent loan-to-value ratio, with a 3.75 percent fixed rate and a five-year term. The shopping center was 20 percent vacant at the time of the deal.
