Cronheim Mortgage arranges life-co financing for retail property

Hoboken, NJ Brandon Szwalbenest, Dev Morris, and Andrew Stewart secured financing for a two-tenant retail property on behalf of a prominent NJ-based real estate developer with a sizable portfolio of multifamily and retail assets throughout Northern New Jersey. Financing was secured from an Oregon-based life insurance company which Cronheim Mortgage represents as a correspondent and servicer. The financing featured a 25-year term with periodic interest rate adjustments, a 25-year amortization schedule, and a significant return of cash equity to the sponsor.

Originally constructed in 1935, 40 Hudson Place now serves as the home of two tenants: Dunkin Donuts and Pump Pilates. These retailers benefit from the exceptional location of the property, just steps from the Hoboken PATH Station, which serves approximately 13,000 riders per day, and the Hoboken NJ Transit Station, which serves about 15,000 riders per day. The tenant uses at the Subject complement the transportation-oriented nature of its location.

The entire Cronheim Team was pleased with the smooth and timely execution it was able to deliver to its client from one of its most trusted lending partners. The commercial real estate lending landscape is constantly changing, but maturity dates do not change. Having a reliable lending partner and an experienced mortgage banking team to expedite the closing process is more crucial than ever in today’s environment.