CRONHEIM MORTGAGE ARRANGES $16,000,000 FOR
WATERFRONT PLAZA IN HOBOKEN, NEW
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.
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
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 ½ mile south of the property, while access to Routes 1 & 9 and
the NJ Turnpike are approximately one mile southwest.