Cronheim Mortgage Acquires Maintree Shopping Center, Vineland

Cronheim Mortgage has arranged a $9.6 million acquisition loan for Maintree Shopping Center, a 140,000-square-foot grocery-anchored retail property located at the intersection of Main Road and Chestnut Avenue in Vineland. Andrew Stewart and David Poncia of Cronheim Mortgage arranged the fixed-rate loan, which carried a five-year term and a 25-year amortization schedule, on behalf of the borrower, Aspen Real Estate. The property was 80 percent leased at the time of the loan closing. The direct lender was an undisclosed, Philadelphia-based credit union. Acme Markets is the Mainteee anchor. Other retail stores include Dollar Tree and GNC. Eateries include Boston Market and Pizza Hut. There are also medical and dental offices at Maintree.

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