CRONHEIM MORTGAGE ARRANGES $16,700,000 FOR

OFFICE BUILDING IN SHORT HILLS, NJ

SHORT HILLS, NJ –Bruce Theuerkauf and David Turley of David Cronheim Mortgage Corporation acted as a mortgage correspondent and servicing agent for the financing of $16,700,000 for 830 Morris Turnpike, a 82,361 square foot Class B+ office building located in Short Hills, New Jersey. The loan was placed on a 15-year term and 30-year amortization. The loan amount was approximately 75% of the property’s stabilized value.

The property was 81% leased at closing to five tenants including Independence Community Bank and King World (Viacom), which occupy 50% and 17.9% of the leasable space, respectively.  Constructed in 1974, the four-story building is situated on 3.29-acres of land.  The building is serviced by two elevators and contains on-site parking at a ratio of 4 spaces per 1,000 square feet.

The property is located along the submarket’s primary commercial corridor, Morris Turnpike, in prestigious Short Hills. The property situated within 500 feet of a 4-way interchange off Route 24 and Route 78, and is just two miles from Short Hills Mall. The proximity of Short Hills to New York City and its location at the center of several major interstate highways has afforded the area continued growth and development. Additionally, the subject is within 5 miles of the Garden State Parkway and 12 miles of Interstate 95, which runs the entire Atlantic Coast, from Maine to Florida. 

The Greater Short Hills office market is one of the strongest office submarkets in Northern New Jersey. High land values and strong alternative uses have constrained supply, while the affluent population and excellent location create sustained demand for quality office space.