Cape May Court House Shopping Center Secures $21M Loan

A Manhattan-based real estate firm has locked in major financing for one of our community's most familiar shopping destinations, signaling continued investment in Cape May County's retail landscape.

Alpine Real Estate Partners recently completed its acquisition of The Plaza at Cape May Court House, securing a $21 million fixed-rate loan from a life insurance company to finalize the purchase. The financing package was arranged by Cronheim Mortgage, whose debt placement team structured the deal for the 163,629-square-foot retail center located at 11 Court House South Dennis Road.

The shopping center has anchored our community since 1971, with Acme serving as its grocery anchor for nearly three decades. Following renovations completed in 2022, the property has experienced a surge in leasing activity, adding more than 25,000 square feet of new tenants over the past two years.

Among the recent additions are Jersey Mike's, Chase Bank, and True Value Hardware, joining an established roster of 17 national, regional, and local businesses. Familiar names like Starbucks, Staples, and CVS continue to draw shoppers to the center, which serves as a primary retail destination for residents of nearby Avalon and Stone Harbor.

The property's strategic location gives it significant advantages in our market. Situated at the high-traffic intersection of Stone Harbor Boulevard and Route 9, the plaza benefits from visibility and accessibility for both year-round residents and seasonal visitors. Its proximity to the Garden State Parkway and position directly across from Cape Regional Medical Center—the county's largest private employer—further strengthen its appeal to retailers and shoppers alike.

The financing terms reflect confidence in the property's performance and potential. Cronheim Mortgage's Brandon Szwalbenest, Dev Morris, and Andrew Stewart structured the acquisition loan with a 68 percent loan-to-cost ratio and an open prepayment option available after just 18 months. The brokerage team also helped raise a substantial portion of the equity investment alongside Alpine Real Estate Partners.

For our community, the transaction represents more than a financial deal—it's a vote of confidence in Cape May County's economic vitality and the enduring value of neighborhood retail centers that serve both daily needs and seasonal demand. As the plaza continues to attract new tenants and investment, it reinforces its role as a cornerstone of local commerce and convenience.