Cronheim secures $32.97 million financing for mixed-use property

Hawthorne, NJ Hawthorne, a newly constructed mixed-use development consisting of 118 luxury apartment units and 16,400 s/f of retail.

Brandon Szwalbenest, Dev Morris, and Andrew Stewart secured the 5-year financing at a rate of 5.82%, which closed as the last apartments were being leased up. According to Andrew Stewart, “This project has been many years in the making. The Bedrin Organization did a terrific job addressing the needs of the community and creating a truly special project. We were able to obtain a 35-year amortization after an interest-only period due to the project quality.”

The multifamily component of the asset includes 118 luxury apartments consisting of 10 studio units, 27 one-bedroom units, 76 two-bedroom units, and 5 three-bedroom units. Residents at the subject enjoy a full amenity package including workout facilities, a rooftop terrace, lounges, an on-site salon, outdoor grilling areas, and a secure package facility. The retail component, which was completed in early 2023, comprises 16,400 s/f and is currently occupied by Planet Fitness and Fitrition Juice Bar. The Hedges at Hawthorne is part of a larger development project that also includes a 955-unit self-storage facility operated by CubeSmart.

Hawthorne is a North Jersey suburb located less than 15 miles northeast of Manhattan. Within Hawthorne, the subject is located nearby the Hawthorne Train Station, which provides access to New York Penn Station in just 47 minutes. The tenant base at the retail component of the Hedges at Hawthorne is focused on providing convenience for residents of Hawthorne who use this station for their daily commute. Hedges at Hawthorne backs up to the Passaic River and is located adjacent to Wagaraw Field, a large local park, providing residents of the multifamily component with ample access to green spaces.