MIXED-USE BUILDINGS IN SUMMIT, NJ
SUMMIT, NJ – David Cronheim Mortgage Corporation has secured
financing for two mixed-use buildings
located in Summit, New Jersey.
Acquisition financing of $1,500,000 was arranged for the Roots Building
located at 401 Springfield Avenue. The loan was placed for Bassett Associates
LLC and has a 10-year term and a 25-year amortization. Also secured was a line of credit, as a
second mortgage, of $1,000,000 for 311-317 Springfield Avenue. The loan has a
one-year interest only renewable term.
The property at 401 Springfield Avenue is a 19,439
square foot office and retail mixed-use building that is 100% occupied. The property, which is constructed of
concrete block and brick, recently underwent major renovations totaling nearly
$3 million. It has been successfully
modernized to Class A standards while maintaining its exquisite
turn-of-the-century exterior. In
addition, the property offers ample street parking.
The property at 311-317 Springfield Avenue is a
26,000 square foot office, retail, and apartment mixed-use building. Major tenants include H&R Block and
Richland Knowles Insurance Company.
Summit, New Jersey is the most successful downtown business district of Union
County. The city
has recently been fitted with all-new sidewalks, streetlights and utilities,
among other updates. These investments, exceeding $5 million, were
shared between commercial property owners and the city on a 50/50 basis.
The properties are located within one mile to both
State Route 24 and Interstate 78, both of which offer access to many major
arteries throughout Northern New Jersey, including Route 1, Interstate 287 and
the New Jersey Turnpike (Interstate 95).
In addition, the subject site is within ten miles of Interstate 280 and
the Garden State Parkway. Within a one-mile radius of the property there are
13,464 residents in 5,165 households; in 2003 the average household income in
this area was $118,319.