B For a development featuring 152,000 s/f of retail space & 570 apts. Cronheim Mortgage secures $117.5m in permanent &constructionfinancing ethlehem, PA — Cronheim Mort- gage secured $117.5
ISSUE HIGHLIGHTS Volume 29, Issue 18 Sept. 29 - Oct. 12, 2017
PLYMOUTH MEETING, PA — Wolfson Group, Inc. is revitalizing its Audubon Crossings Shopping Center with new retailers and a state- of-the-art fitness facility. Pre- paring for openings in fall 2017, Wolfson Group is pres- ently constructing an 25,000 s/f store for Ross Dress for Less and an 21,000 s/f store for Marshalls. A proposed 8,000 million in permanent and construction financing for Madison Farms, a multifac- eted mixed-use development featuring 152,000 s/f of retail space and 570 luxury mid- rise apartments in Bethle- hem. The loans were placed with American General Life Insurance Company , whom Cronheim represents as correspondent and ser- vicer. Madison Farms Retail encompasses 152,000 s/f, anchored by a 67,400 s/f ShopRite. The Subject’s nine buildings are leased to an impressive roster of national, regional, and local tenants, including Starbucks, Chipo- tle, Provident Bank, Pure Barre, Pet Valu, and Super- cuts, among many others.
The property also features a two-story, class A medical office building for the Lehigh Valley Health Network. Madison Farms Residential comprises of 570 luxury one- and two-bedroom apartments across fifteen three- and four- story elevator-serviced build- ings. Each apartment fea- tures hardwood and ceramic tile flooring, carpeted bed- rooms, energy efficient stain- less steel kitchen appliances,
solid surface countertops, and washer and dryer units. A 6,500 s/f clubhouse includes a billiards room, multi-media center, fitness center, golf simulator, business center, and an expansive outdoor pool and deck, complete with barbeques and fire pits. Bethlehemwas named one of the “100 Best Places to Live and Launch” by CNN Money, due to its business- and entrepreneur-friendly,
university-town environ- ment. The strong retail and multifamily tenant base and traffic at Madison Farms are also driven in part by its close proximity to the brand new St. Luke’s Hospital-Anderson Campus, located directly across Freemansburg Ave. The loans were originated and placed by Dev Mor- ris, Andrew Tsukamoto, Allison Villamagna , and Andrew Stewart . n
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Wolfson Group announces redevelopment of Audubon Crossings SC in Audubon, New Jersey
Small shop and outparcel spaces are still available at Audubon Crossings, where in addition to Walmart, strong retailers include Shoe Dept. Monster Pets, Kid City, Rain- bow, Rue 21, Chick-fil-A, Son- ic, and others. Tenants here benefit from excellent visibil- ity and signaled access on the Black Horse Pike (Hwy. 168) and Nicholson Rd., as well as additional traffic for Acme, Applebee’s, and more retailers located just across the inter- section at Audubon Commons, a community shopping center also managed and redeveloped by Wolfson Group. Audubon Crossings Shopping Center
s/f Five Below store planned next to Marshalls would open in the first quarter of 2018. Opening this fall, Evolve Fitness is a new strength and conditioning focused fitness facility that takes a lifetime approach to wellness. Fea- turing Life Fitness indoor cycling, Les Mills exercise classes, SoulBody Barre, high- intensity interval training, Pi- lates, boot camps and more in a gym that will occupy 20,388 s/f, Evolve Fitness will drive frequent destination traffic to the stores and eateries con- veniently located at Audubon Crossings.
When it opened in Octo- ber 2005, Audubon Cross- ings transformed the site of the former Black Horse Pike Shopping Center into a re- gional shopping destination, attracting consumers from South Jersey and even South Philadelphia, drawn by the center’s free parking and close proximity to the Walt Whit- man Bridge. The original $40 million makeover was enthu- siastically welcomed by Audu- bon Borough and the wider community for creating jobs and bringing quality retailers back to Camden County, New Jersey. n
Shopping Centers.............................................3-11A PA/NJ/DE Chapter CCIM. ....................................14A Owners, Developers & Managers............... Section B
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