Cronheim Mortgage arranged financing totaling $10.875MM for two, mixed-use properties located in Basking Ridge and Warren, Somerset County, NJ. The loans were placed with The State Life Insurance Company and Southern Farm Bureau Life Insurance Company, whom Cronheim represents as correspondent and servicing agent.
Riverwalk Village, located in Basking Ridge, received $8.5MM in financing. The 18-year loan is self-liquidating and has an interest rate of 3.81% which the borrower was able to lock 11 months prior to funding. The Subject encompasses 47,604 square feet and is leased to a variety of retail tenants including Starbucks, Supercuts, and Gymboree, among many others. There is also second floor office space leased to the YMCA, a chiropractor, and orthodontist.
Gateway East in Warren, NJ was refinanced for $2.375MM on a 15/25 basis. The interest rate is fixed for the term of the loan at 3.76%. This property is comprised of two, freestanding, two-story buildings with first floor retail and professional office space on the second floors. Tenants include Subway, Great Clips, a Pilates studio, law offices, and a dentist. The property is located at a signalized intersection and has surface parking for 89 vehicles.