CRONHEIM CLOSES $27.8MM
FOR 6 CENTRAL & NORTHERN NJ OFFICE, INDUSTRIAL AND RETAIL PROPERTIES
Portfolio refinance of 220,000± SF
7/30, 3.77% fixed rate financing
Cash-out proceeds sized to a 75% LTV
Cronheim Mortgage arranged a cash out refinance of $27,800,000 for six northern and central New Jersey properties. The assets created a diverse portfolio with office, industrial and retail situated in select locations in Morris, Somerset and Mercer Counties. Each property is well-leased with strong historical occupancy allowing the lender’s aggressive underwriting to support a 75% LTV. The borrower’s objective was to cash out some of the significant equity that had been created over its many years of ownership and capital investments in the properties. That goal was achieved by securing a favorable rate with 30 year amortization.