Cronheim Mortgage secures $14 Million for 83,000 s/f class A office building in Short Hills
Short Hills, NJ — Cronheim Mortgage arranged a $14 million permanent loan for 830 Morris Tpke., a four-story class A office building located in Short Hills, Essex County, just off of I-78. The property was 100% leased at the time of closing to over 20 professional and medical office tenants. The loan to Stone Mountain Associates 830, L.L.C., was structured with a 10-year term and a 30-year amortization. The property has undergone over $8 million in renovations in recent years including all new common areas, new HVAC and elevators. The borrower converted a large portion of the building that had been previously leased to Santander Bank into highly functional multi-tenant space hosting a variety of medical and professional users. These improvements have made the property an attractive alternative for those seeking professional office space who no longer wish to commute to NYC. Cronheim worked as loan servicer of the former loan through a long and thoughtful renovation process.