CRONHEIM MORTGAGE ARRANGES $40,000,000
FOR 4 INDUSTRIAL BUILDINGS IN NORTHERN NEW JERSEY
1,132,072 SF HARTZ MOUNTAIN PORTFOLIO
NJ – Andrew Stewart, Dev Morris and Lisa McMahon of Cronheim Mortgage have
arranged financing of $40,000,000 for four industrial buildings located in
northern New Jersey, totaling 1.13 million square feet. The four building
portfolio is owned by affiliated entities of Hartz Mountain Industries, Inc.
The non recourse loan, funded through Cronheim with funds provided by one of
its insurance company correspondents, has a 5-year term amortized over 25
years at an interest rate of 6.65%.
buildings were built between 1977 and 1990 and are all located in Secaucus
and other Northern NJ towns where Hartz’s core portfolio is concentrated.
The Hartz portfolio includes approximately 185 properties comprised of over
35 million square feet in New Jersey with prime locations in Edison,
Ridgefield Park, Jersey City, Kearny, Linden, Hanover, Secaucus, Weehawken,
and Newark. Hartz owns and manages a diversified real estate portfolio
including first-class corporate offices, warehouse and distribution
facilities, hotels, single and multi-family developments, retail centers,
movie theaters and restaurants.