Real Estate Journal — Financial Digest — October 14 - 27, 2016 — 11A
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M id A tlantic
F inancial D igest
226,500 s/f constructed and managed by National Realty and Development Corp. Cronheim structures 8-month forward commitment for Hadley Center
OUTH PLAINFIELD, NJ — Andrew Stew- art , Dev Morris , and Allison Moravec have se- cured financing for Hadley Center II. The subject is a five- unit retail condominium en- compassing 226,500 s/f which is part of the area’s dominant retail development, Hadley Center, in South Plainfield, NJ. The loan was structured with a 15 year term and 30 year amortization and was funded by American General Life Insurance Company and American Home Assurance Company, whom Cronheim represents as correspondent and servicing agent. The interest rate was locked 8 months prior to closing. According to Stewart, “this is just the latest of many mortgages we have arranged and serviced for a variety of buildings in this successful retail/flex development”. Hadley Center II encom- passes several structures including two outparcel build- ings, a 65,088 s/f, 4-tenant strip building anchored by Marshalls, and a 153,562 s/f, 3-tenant Target-anchored building. The close proxim- ity of the Subject to I-287, with traffic volumes of 99,500 vehicles per day, gives it advantageous positioning within the market which has resulted in consistently high occupancy rates historically. The property is currently leased to a variety of tenants including Marshalls, Famous Footwear, and Five Below, among others. The subject property was constructed by National Realty and Development Corp., (NRDC) in 2005 upon a 22.62 acre parcel of land, adjacent to Hadley Center I. These two properties contain 540,000 s/f of the nation’s top retailers including Target, Kohl’s, Dicks, Marshalls, and Regal Cinemas. The subject is managed by NRDC, a leading retail development and man- agement firm with a portfolio encompassing 78 projects, in- cluding retail power centers, grocery-anchored community shopping centers, and cor- porate/ industrial business parks, in 14 states. They also own and manage Middlesex Business Center, a multi- building business park featur- ing a variety of office, flex, and light industrial uses situated adjacent to the eastern border of Hadley Center. n S
Hadley Center II
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