Hickory Square at 641 Shunpike Road in Chatham— Courtesy: Cronheim Mortgage
By Joshua Burd
A local operator has closed on $8.5 million in financing for a grocery-anchored shopping center in Chatham, in a newly announced transaction by Cronheim Mortgage.
According to the debt placement team, a correspondent life insurance company provided the funds in connection with the 108,000-square-foot property at 641 Shunpike Road. Cronheim’s Brandon Szwalbenest, Dev Morris, Allison Villamagna and Andrew Stewart sourced the loan on the New Jersey-based borrower’s behalf, noting that the financing was structured on a 10/25 basis and priced at 160 basis points over the 10-year Treasury at the time of a rate lock.
The property, whose tenants include ShopRite, Dunkin, CVS, M&T, Hallmark, Supercuts and the UPS Store, was built in 1969. It was fully leased at the time of the deal, benefiting from a municipality whose average annual household income exceeds $290,000.
