1260 Springfield Ave. in New Providence — Courtesy: Cronheim Mortgage
By Joshua Burd
The owner of a 108,000-square-foot, grocery-anchored shopping center in New Providence has secured $21 million in financing for the site, in a deal arranged by Cronheim Mortgage.
According to the debt placement team, American United Life Insurance Company provided the loan to a subsidiary of Urstadt Biddle Properties Inc., the real estate investment trust. The transaction is providing permanent financing for the fully leased Springfield Avenue property, where Acme occupies 45,464 square feet alongside a host of other retailers such as CVS, Starbucks, Chipotle, Jersey Mikes and Orange Theory.
Cronheim, which represents American United as a correspondent and servicer, noted that the 10-year financing amortizes over 30 years.