CRONHEIM MORTGAGE ARRANGES $16,000,000 FOR

BAKER WATERFRONT PLAZA IN HOBOKEN, NEW JERSEY

 

HOBOKEN, NJ Andrew Stewart and Dev Morris have arranged financing of $16,000,000 for Baker Waterfront Plaza, a 92,892 square foot Class A office building located directly on the Hudson River.  The loan was placed at an interest rate of 5.65% and has a 10-year term amortizing over 30 years.

 

Baker Waterfront Plaza consists of eight stories of Class A office space 94% occupied by 14 tenants, among them national and investment-grade firms such as Nomura Securities and the US Postal Service. Construction of the 92,892 square foot building was completed in 1987.

 

Located at Two Hudson Place, the property overlooks the Hudson River and is ideally situated directly across from the NJ Transit Hoboken Terminal.  The Hoboken Terminal provides train, bus, light-rail, ferry and PATH services that offer immediate access to New York City and the transportation network of Northern New Jersey.  Close proximity to the terminal makes surrounding office buildings some of the most desirable tenant space outside Manhattan. 

 

In addition, the property is located two blocks east of Washington Street, a destination for both local residents and visitors lined with specialty stores, restaurants and shops.  The Holland Tunnel is located only mile south of the property, while access to Routes 1 & 9 and the NJ Turnpike are approximately one mile southwest.