NEW JERSEY—Cronheim Mortgage’s Dev Morris and Andrew Stewart have arranged $48.5 million in permanent financing for a retail center in Woodcliff Lake, N.J. The 10-year loan was structured with five years of interest only, and amortizes over a 30-year schedule thereafter for the sponsor, WS Tice's Corner Marketplace LLC.
Comprised of 119,272 sq. ft. of space, the property is currently 100 percent occupied by retailers including Apple, Williams-Sonoma, Athleta, J. Crew, Anthropologie, Pottery Barn and more. Developed in 2001, the center was purchased by WS Tice’s Corner Marketplace in 2002.
The center is located approximately 18 miles northwest of New York City and is managed and leased by David Adam Realty (DAR).