Cronheim Mortgage has arranged $10 million in permanent financing for Ferry Plaza, located in the Ironbound section of Newark, New Jersey.
The ten-year term, 22-year amortization loan was placed with One America, for whom Cronheim acts as correspondent and servicing agent, and the interest rate was locked five months prior to closing.
Ferry Plaza was formerly anchored by an Acme Supermarket, which went dark at the end of 2017.
The space has since been re-leased to Seabra Supermarket, a family-owned and operated company considered an institution in the Ironbound section of Newark and, more generally, within the Portuguese community on the East Coast.
Seabra currently operates 10 supermarkets from FL to RI in Portuguese and Spanish areas, including five stores in Newark, and Ferry Plaza is their new flagship location.
In addition to their supermarkets, Seabra has a large importing company that specializes in Portuguese and Brazilian products. This location will also have a wholesale component catering mostly to their restaurant customers.
The Borrower is an entity affiliated with Greenwich, CT-based Urstadt Biddle Properties Inc. Founded in 1969, Urstadt Biddle Properties specializes in owning, operating, and redeveloping high-quality retail shopping centers in dense locations surrounding New York City with high barriers to entry.