10A — November 14 - 27, 2014 — M id A tlantic
Real Estate Journal
www.marejournal.com
L ender ’ s D irectory
80, 877 s/f Sea Girt, NJ lifestyle retail center part of $160m acquisition Cronheim arranges $11.5m in financing with a 15 year interest-only mortgage for Brook 35 Plaza
EA GIRT, NJ — An- drew Stewart , Dev Morris , and Allison Moravec have arranged $11.5 million in financing for Brook 35 Plaza, located in Sea Girt. The loan was structured with a 15-year interest-only term and was placed with American General Life Insurance Com- pany and National Union Fire Insurance Company of Pitts- burgh, PA for the borrower, Sea Girt Limited Partnership, an affiliate of Federal Realty Investment Trust. Brook 35 Plaza is an open air, lifestyle center consisting S
Brook 35 Plaza
of three retail buildings con- taining 80,877 s/f. The proper- ty, built in 1986, is leased to a high-quality mix of 20 national
and local retailers, including Chico’s, Coach, the Gap, Star- bucks, Victoria’s Secrets, and Williams-Sonoma. In addition,
the central building was con- structed with a second floor containing 13,240 s/f, 100% leased to Morgan Stanley and
Premier Executive Suites. With easy access to Rte. 36 and the Garden State Parkway, the subject is con- veniently located along the Rtel 35 retail corridor in Sea Girt, Monmouth County. This 25-mile retail corridor has traffic counts of approxi- mately 24,800 vehicles per day. Moreover, the subject location of Sea Girt, one of Monmouth County’s most affluent communities, has a solid year-round population base; Sea Girt was listed on Forbes Magazine’s 2012 list of “America’s Most Expensive Zip Codes,” with a median home price of $1,135,184, and a population of over 512,000 within a five-mile radius. Sea Girt is especially desirable as one of the major beach towns along the New Jersey shoreline. Ac c o r d i ng t o And r ew Stewart, “This property will continue to evolve as one of Monmouth County’s premier lifestyle shopping centers, and is a strategic addition to the Federal Realty portfolio.” Founded in 1897, David Cronheim Mortgage Corpora- tion and its affiliate compa- nies located in Chatham, NJ provide an array of real estate services including debt and eq- uity for investment grade real estate. Through their Channel Real Estate Funds affiliate they have provided mezzanine and equity capital for numer- ous real estate projects in an efficient and cost effective manner. Cronheim Mortgage maintains correspondent and/ or servicing relationships with 15 institutional investors, mostly insurance companies, and currently services $2.0 billion of debt. The company and its insurance company correspondents have substan- tial debt and equity capital to invest in quality real estate at pricing below alternative sources, especially for long- term debt. n
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To talk about your plans today, contact: Chris Unger, VP Business Development Chris.Unger@susquehanna.net 856.756.3502 office | 856.816.5152 cell
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