Cronheim Mortgage finances two suburban NJ office properties for a total of $17.8 million
NEW JERSEY — Janet Proscia and David Turley arranged a total of $17.8 million in two Northern New Jersey office transactions. The first was a $7 million acquisition loan for a class A, 63,830 s/f building in Chatham Borough, followed by a $10.8 million refinance for a 137,304 s/f property located in Secaucus.
The Chatham property was financed with a life company for 15-years on a 25-year amortization schedule with a rate locked for the entire term at 3.9%. The building located just off Route 24, was 100% leased at the time of acquisition and financing. Located in Harmon Cove, the Secaucus building had maturing CMBS debt and this client had some very specific goals - no CMBS loans, close on the first date in the open prepay period, minimize escrow collections associated with a major tenant lease expiration during the loan term. Cronheim was able to deliver a 10-year life company deal with a 25-year amortization on a totally non-recourse basis. We locked rate at 3.86% and created a very palatable structure to address the major tenant lease expiration. With all parties working diligently, a closing precisely on the date required occurred.