Cronheim Mortgage secured $7.2 million in financing for a prime industrial property located in Hackensack, Bergen County, New Jersey. The loan was structured on a 15/25 basis with a 4.18% interest rate and was placed with Southern Farm Bureau Life Insurance Company, whom Cronheim represents as a correspondent and servicer.
The subject property encompasses three, free-standing structures and approximately 100,000 square feet of flex space. The Subject’s largest building, previously leased to Restaurant Depot which accounted for 85% of the leasable area, was gut renovated in early 2016 and successfully re-leased in less than 6 months. The Subject is 100% occupied by 20 tenants including a sign manufacturer, bakery production center, DJ and entertainment company, and indoor trampoline and adventure park, among others. Units range from 1,280 square feet to 11,000 square feet.
The property is strategically located in Bergen County with an entrance to Route 80 less than one quarter of a mile away and the New Jersey Turnpike just 2.5 miles east. These are two of the major highways serving the region, providing access to western NJ towards Pennsylvania, and east to NYC and the entire metro.