CBRE DEBT & EQUITY ARRANGES $6.5 MILLION RETAIL LOAN
CRANFORD, N.J. — CB Richard Ellis Debt & Equity Finance (CBRE) has arranged $6.5 million in first mortgage financing for a 20,000-square-foot retail development located at 40-50 South Ave. in Cranford. The property consists of a 16,000-square-foot, freestanding Walgreens pharmacy and a 4,000-square-foot Chase Bank. The loan carries a 6 percent fixed rate and a 10-year term; proceeds will be used to refinance the construction loan for the two properties. CBRE’s James Gunning and Donna Falzarano arranged the loan on behalf of Bradley Box Co. with the lender, Rockville Bank.