Cronheim Mortgage arranged a cash out refinance of $27,800,000 for six northern and central New Jersey properties. The assets created a diverse portfolio with office, industrial and retail situated in select locations in Morris, Somerset and Mercer Counties. Each property is well-leased with strong historical occupancy allowing the lender’s aggressive underwriting to support a 75% LTV. The borrower’s objective was to cash out some of the significant equity that had been created over its many years of ownership and capital investments in the properties. That goal was achieved by securing a favorable rate with 30 year amortization.
Backed by a century’s worth of knowledge and expertise, Cronheim Mortgage provides a vast array of real estate services, including debt and equity for investment grade real estate. By leveraging the strong correspondent and/or servicing relationships we have cultivated with our institutional investors, including many insurance companies, we have continuously had access to substantial debt and equity capital to invest in quality real estate at pricing well below alternative sources, especially for long-term debt. We stand out from our competitors with our strong debt servicing portfolio, currently in excess of $2,000,000,000. Moreover, through our Channel Real Estate Funds affiliate, we have efficiently and cost-effectively provided mezzanine and equity capital for numerous real estate assets. We have placed debt/equity and serviced in 30 states, and continue to capitalize on new opportunities.