Cronheim Mortgage Arranges $6M in Financing for 106,290 SF Retail Property in Central New Jersey
TOMS RIVER, N.J. — Cronheim Mortgage has arranged $6 million in financing for a 106,290-square-foot retail property in Toms River. The State Life Insurance Co. provided the 17.5-year, self-liquidating loan. The interest rate was locked six months prior to closing at 3.93 percent. The property, built in 1994, is situated on an 11.3-acre site just off the Garden State Parkway in Ocean County. Currently, the property is fully leased to Home Depot, which shadow anchors a 130,000-square-foot retail development. Dev Morris, Allison Villamagna and Andrew Stewart of Cronheim arranged the loan.