8A — April 11 - 24, 2014 — Mid Atlantic Real Estate Journal
F INANCIAL D IGEST
Moravec and Stewart arrange financing Cronheim Mortgage arranges $8m financing for ShopRite anchored retail center
ELLEVILLE, NJ — Allison Moravec and Andrew Stewart have arranged $8 million in financ- ing for a ShopRite anchored retail center located in Bel- leville, Essex County. The loan, placed with Athene Asset Management , was structured with a 10 year term and 25 year amortization, with 5 years of interest only pay- ments. The rate was locked 180 days prior to ShopRite opening, allowing the borrow- er, Belleville Center, LLC, to take advantage of rates while the ShopRite was being built. Belleville Center is a 70,450 B
Belleville Center Before Renovations
Belleville Center After Renovations
s/f shopping center, anchored by a newly built, 60,000 s/f ShopRite. The Subject was previously anchored by Path- mark, who vacated the center in 2010. The subject under- went extensive renovations and ShopRite recently opened their doors. This location is operated by Nutley Park Shop- Rite, Inc, who also operates the ShopRite in Nutley, NJ. The remaining space is 100% occupied by Pizza Hut, Kelly’s Liquors, and a local jeweler. According to Andrew Stew- art, “the developer, who car- ried the property subsequent to Pathmark vacating, was patient enough to negotiate a mutually beneficial lease with a premiere ShopRite operator and complete a substantial renovation. This is now posi- tioned as a fortress asset for many years to come.” The Subject has excellent visibility, with 840 feet of frontage, and great acces- sibility, with three points of ingress and egress along the north side of Washington Av- enue. There is ample surface parking as well as an under- ground parking lot with capac- ity for over 140 vehicles. The underground lot is monitored by surveillance cameras and is serviced by a new shopping cart elevator which provides direct access to the interior of ShopRite. Shoppers took full advantage of the elevator this winter, justifying the ad- ditional investment. Belleville Center is located on the eastern edge of the suburban town of Belleville, an Essex county municipality. The three mile trade area sur- rounding the subject property houses an estimated 230,000 residents with a median household income of $61,000.
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