February 28, 2012
WAYNE, NEW JERSEY - The Mainardi Management Co. today announced the closing of several new loans during the past year.
Last spring, the company obtained $19.3 million loan on the Shops at Windsor Green, a 157,000 square foot shopping center on Route 1 in Princeton, New Jersey anchored by Whole Foods. The 10-year fixed-note loan was with Aviva Life and Annuity Company of Des Moines, Iowa. Andrew Stewart and Anna Westhoff of Cronheim Mortgage placed the loan with Aviva.
In the summer of 2011, the company closed a $4.1 million mortgage on the Franklin Shopping Center, a 57,600 square foot property tenanted by Mandee's, Dollar Tree, Sleepy's and Harmon's located in Sussex County, New Jersey. The new loan was with Amalgamated Bank of New York and was placed by Greg Nalbandian of Northmarq Capital.
In February of this year, the company closed two loans. One was for Union Medical Park, a 200,000 square foot medical office building in Union, New Jersey which at one time operated as Union Hospital. The $7.5 million loan was obtained from Customers Bank of Wyomissing, Pennsylvania and was negotiated by Andrew Stewart, Anna Westhoff and Dev Morris of Cronheim Mortgage.
Also in February of 2012, the company obtained an $11,750,000 mortgage on the Greentree Square Shopping Center, a 110,000 sq. ft. shopping center in Marlton, New Jersey anchored by Whole Foods. The new loan was placed with Allstate Insurance Company and carried a fixed rate of 4.05% for ten years. Tom Didio and Mike Cerullo of Holliday Fenoglio Fowler obtained the mortgage.
Net proceeds from the new loans will be used to renovate the properties and fund future acquisitions.