Liberty Square Center at 2100 Mount Holly Road in Burlington — Courtesy: Cronheim Mortgage
By Joshua Burd
The owner of a 358,000-square-foot, Walmart-anchored shopping center in Burlington has closed on $31 million in financing for the property, in a deal arranged by Cronheim Mortgage.
In a news release, the debt placement team said a life insurance company provided the loan in connection with Liberty Square Center at 2100 Mount Holly Road. The transaction was structured with a 10-year term, a 30-year amortization period and a stepdown prepayment schedule, the brokers said, noting that the sponsor is an affiliate of National Realty and Development Corp.
Cronheim’s Brandon Szwalbenest, Dev Morris and Andrew Stewart placed the financing. They added that the shopping center is just a quarter-mile from Interstate 295 and some 20 miles from Center City Philadelphia, while it boasts strong traffic volume that provides high visibility to tenants such as Planet Fitness, Ross, Marshalls, Five Below, AutoZone and McDonald’s.
Additionally, there are more than 50,000 residents within a three-mile area, with an annual average household income of $118,000, the news release said. Liberty Square Center was 99.5 percent leased at closing.
