Mansfeld Commons at 1885 Route 57 in Hackettstown — Courtesy: Cronheim Mortgage
By Joshua Burd
The owner of a Walmart-anchored shopping center in Hackettstown has refinanced the property for $16 million, in a newly announced transaction by Cronheim Mortgage.
In a news release, the debt placement team said it secured the loan on behalf of a National Realty & Development Corp. affiliate. Proceeds will support the 272,046-square-foot property known as Mansfeld Commons, at 1885 Route 57, which the firm says has been more than 90 percent leased since 2010.
Cronheim’s Dev Morris, David Poncia, Allison Villamagna and Andrew Stewart arranged the permanent 10-year financing, which amortizes over 30 years. In announcing the deal, the team noted that the complex is anchored by 123,519-square-foot Walmart, an 88,830-square foot Kohl’s store and a 21,674-square-foot Marshalls, with local and national brands occupying the balance of the center.
The property was 97 percent leased at closing, the news release said. Cronheim added that its team secured financing for the property when it was completed in 1999 and had serviced the debt until closing the most recent loan.
