Andrew Stewart, Dev Morris, and Allison Moravec of Cronheim Mortgage have secured $13.4 million in financing for a Kohl’s and SteinMart anchored retail property located in Holmdel, Monmouth County, NJ.
The loan was structured with a 10 year term and 25 year amortization, and the interest rate was locked 4 months prior to closing.
The property is managed by Purchase, NY-based National Realty & Development Corporation, which has a 22 million square foot portfolio.
Tarrytown-based Gibraltar Management also has an interest in the property.
The loan was placed with Voya Insurance and Annuity Company, whom Cronheim represents as correspondent and servicing agent.
The property, known as Kohl’s Plaza, is a 183,985 s/f shopping center situated upon 21.62 acres.