Cronheim Mortgage advised the Bedrin Organization in securing construction/permanent financing totaling $46 million for the development of Hedges at Hawthorne, a transit-oriented, mixed-use project encompassing 118 luxury apartment units, 120,000 square feet of self-storage space, and a retail component. The financing consists of a 36-month construction loan followed by a 10-year permanent financing. Dev Morris, Allison Villamagna, and Andrew Stewart arranged the facility for an affiliate of Glen Rock-based The Bedrin Organization. The loan was placed with Valley National Bank. March Construction, led by Lou March will be acting as GC for the project. They will also take an equity interest in the property as part of their overall commitment.
Construction broke ground in May 2021 at 204 Wagaraw Road, a former industrial site in Hawthorne, NJ that local officials and sponsorship have been seeking to repurpose for over a decade. Upon completion, slated for late summer 2022, the site will be anchored by Planet Fitness and also feature a four-story self-storage facility. The multifamily portion of the development will offer one- and two-bedroom units and include amenities such as a 750 square foot rooftop deck, dog park, co-working space and private office suites, available for rent. The project is expected to attract families, professionals, and empty nesters, given the quaint community life and proximity to New York City from Hawthorne.
This project is the first of its kind being built in Hawthorne. According to Andrew Stewart, “The Bedrin Organization did a terrific job in working with the town to come up with a mutually beneficial solution to a prime site that needed redevelopment.“
The Subject is a five-minute walk to Hawthorne Station, with service to New York Penn Station through Secaucus Junction in less than 50 minutes via the Bergen County Line. Hawthorne Station provides direct service to Hoboken via the Port Jervis Line as well. Hawthorne is serviced by Route 208, which runs northwest to southeast through Hawthorne and provides easy access to Interstates 80 and 287, US Route 202, and State Routes 4, 17, and 93.