Cronheim Finances 560,340 sf of NJ Industrial Space
325,340 sf warehouse & distribution center in Ridgefield, NJ
235,000 sf warehouse & distribution center in North Bergen, NJ
Dev Morris and Andrew Stewart arranged a total of $13.5 million for two warehouse & distribution facilities located in Hudson and Bergen County, NJ.
In Ridgefield, NJ, $10 million in financing was secured for a warehouse & distribution center encompassing 325,340 square feet. The loan was structured with a 10 year term, 4 years of interest-only payments, and a 32 year amortization thereafter.
The first property is located in Ridgefield, Bergen County, New Jersey. Built in 1970-1971, this facility consists of approximately 301,340 square feet of warehouse space with 20 foot clear height ceilings and 24,000 square feet of office space. The facility also features ample loading as well as truck and vehicle parking. It is fully leased to a leading provider of contract manufacturing and supply chain management services to the cosmetics, personal care, and household products industries.
The second property is located in North Bergen, Hudson County, NJ, and is a 235,000 square foot warehouse and distribution facility, fully-leased to a leader in the wine and spirits industry. The $3.5 million loan was structured with a 10 year term and 30 year amortization, and was placed with the State Life Insurance Company, whom Cronheim represents as correspondent and servicing agent.
Built in the 1960’s, the 235,000 square foot building is situated upon approximately 12.15 acres of land. The warehouse portion of the building of approximately 228,500 square feet has 20 foot ceiling height clearance and ample loading and truck and car parking. The remaining 6,500 square feet is used as office space.
Both properties have excellent access to Routes 1 & 9 as well as the New Jersey Turnpike, and are located just outside of New York City.