Cronheim Mortgage Arranges $13.4 Million Loan for Retail Property in New Jersey

by Scott Reid

Holmdel, N.J. — Cronheim Mortgage has arranged $13.4 million in refinancing for Kohl’s Plaza, a retail plaza located in Holmdel.

The 10-year loan, which was placed with Voya Insurance and Annuity Co., features a 25-year amortization schedule. Purchase, N.Y.-based National Realty & Development Corp. manage the property, of which Tarrytown, N.J.-based Gibraltar Management also owns an interest. An 87,932-square-foot Kohl’s and a 37,020-square-foot Stein Mart anchor the property. Other tenants include Jersey Mike’s, 7-Eleven, Harmon Stores and Beach Bum Tanning. Andrew Stewart, Dev Morris and Allison Moravec of Cronheim Mortgage secured the financing for the borrower.

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