Mid Atlantic Real Estate Journal — August 17 - 30, 2012 — 1A
www.marejournal.com
F inAnciAl d igest
For a shopping center located at Routes 9 and 20 in Marlboro, NJ Cronheim Mortgage arranges financing for land acquisition and construction
M
ARLBORO, NJ — Cronheim Mortgage has arranged financ-
Investors, provided addi- tional financing capital. Construction has already commenced; the property is already over 60% pre-leased. The anchor tenants will in- clude a Whole Foods super- market, and a freestanding Walgreens drugstore. The development also includes the site’s existing freestand- ing PNC Bank, which will be expanding. From its location at the signalized intersec- tion, Marlboro Commons will draw from an affluent market with an average
household income of more than $124,000. The site is situate d on the ‘going home’ side of Route 9, a major com- muter and retail corridor in this New York City suburb. Over 62,000 cars pass the site daily on Route 9, with another 12,000 passing on Route 520. The site has par- ticularly good visibility and access with multiple entry points to the center from Route 9, Robertsville Road and a de facto jug handle that is part of the site. According to Dev Morris, “This was an
exciting and rare opportunity for a new New Jersey retail property to be developed in a 100% location. We were not only able to not only make use of our portfolio lending relationships but also help continue to our successful track record as a source of capital for quality real es- tate projects. The developer has done an outstanding job in creating a viable project for both the town as well as retailers; we look forward to seeing this project through to its successful completion.” n
ing for the land acquisition and construction of a to be built shopping center located at the intersection of Routes 9 and 520 in Marlboro. The financing consists of an 18 month construction loan followed by a mini-per- manent loan term of 5 years, with the rate fixed for the entire term. Dev Morris and Andrew Stewart arranged the facility for an affiliate of Glen Rock-based Pagano Eastern Union Comm’l. reports 10 % increase in Second Quarter NEW YORK, NY — Eastern Union Commercial experienced a 150 percent increase in loan closings in the second quarter of 2012 compared with the second quarter of 2011. The boutique mortgage bro- kerage also set a new corporate milestone by closing more than 100 transactions in the sec- ond quarter alone, the highest number of loans Eastern Union has ever closed within a single three-month period. Even at this accelerated pace of closings, Eastern Union’s pipeline of loans in process con- tinues to grow and is outpacing the firm’s rate of closed transac- tions. With this level of activity, the firm is on track to post its highest-ever year-end totals. “Thanks to our investments in new personnel and in a stron- ger corporate infrastructure, Eastern Union is closing deals more efficiently and more rap- idly than ever before,” said Ira Zlotowitz, President of Eastern Union Commercial. “As our next strategic initiative, we will be launching new, tailored divisions to meet the market’s diverse needs, further leverag- ing the outstanding relation- ships we have with key banks nationwide.” Zlotowitz also noted that Eastern Union’s increased production stems from their ability to consistently deliver market-low rates, and their strengthening relationships both with existing banks and new lenders that continue to enter the market. “Our reputa- tion for best-in-class service has reached a point where our referral business is outpacing even what we had anticipated,” he said. n
Real Estate, Inc. The loan was placed with American National Insurance Com- pany, for which Cronheim acts as correspondent and servicing agent. Cronheim’s affiliate, Channel Real Estate Dev Morris Andrew Stewart
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