726 Washington Ave. in Belleville — Courtesy: Cronheim Mortgage
By Joshua Burd
The owner of a grocery-anchored shopping center in Belleville has refinanced the property for nearly $12 million, brokers with Cronheim Mortgage announced Friday.
In a news release, the debt placement team said it represented an undisclosed borrower in connection with the 70,450-square-foot complex at 726 Washington Ave. Farm Bureau Life Co. provided the permanent, 12-year financing, which amortizes over 25 years, while Cronheim noted it that represents the lender as a correspondent and servicer.
The firm’s Allison Villamagna and Andrew Stewart sourced the $11.5 million loan. They added that a 61,000-square-foot ShopRite anchors the property alongside a liquor store, Pizza Hut and a jeweler, while the center underwent extensive renovations to bring in the new grocery operator after Pathmark vacated its space in 2010.
Nutley Park ShopRite Inc. operates the store in a location that has both surface parking and an underground parking lot with capacity for more than 140 vehicles, the news release said.
