Cronheim Secures $17.5 Million Financing for Two Shopping Centers in New Jersey 

by Hayden Spiess

East Windsor and Garwood, N.J. — Cronheim Mortgage has secured $17.5 million in financing for two shopping centers in New Jersey. Andrew Stewart, Dev Morris and Allison Villamagna arranged the financing on behalf of the borrower, a New Jersey-based real estate firm that specializes in the development and acquisition of retail properties in the state. Southern Farm Bureau Life Insurance Co. provided the financing for the first property, Town Center Plaza in East Windsor. The $11 million, long-term loan features a step-down prepayment structure in the final 10 years of the financing. Built in 1998, Town Center Plaza totals 196,014 square feet. Tenants at the property include Chipotle Mexican Grill and ShopRite. 

American United Life (AUL) provided the $6.5 million financing for the second property, Garwood Mall in Garwood. Kings Food Markets anchors the 89,624-square-foot center, which was constructed in 1971. Other tenants at the property include Crunch Fitness and AutoZone. 

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