Cronheim Mortgage arranged financing totaling $31.505 million for retail and industrial assets located in Hawthorne, Passaic County, and Fair Lawn, Bergen County, New Jersey.
Hawthorne Center is a 107,685 sf infill retail property which is leased to a variety of national, regional, and local retail tenants including Dollar Tree, Value Village, Mattress Firm, and Payless, among others. Located adjacent to the Subject is a 30,000 square foot industrial building that is 100% occupied by a PA-based designer and manufacturer of wallpaper who has occupied the space for over 10 years. The portfolio is located on Wagaraw Road which is a major Passaic County road with easy access to Route 208 and Route 20. The center also has the benefit of 7-day per week shopping which is not allowed in neighboring Bergen county as a result of the Blue Laws. The Subject was financed for $22.93 million on a 5-year term for an affiliate of Glen Rock-based The Bedrin Organization.
In Fair Lawn, NJ, $8.575 million was secured for 18-01 Pollitt Drive, a one-story, multi-tenanted office/warehouse building originally constructed in 1957 and expanded in 2007. The Property is situated on 9.4 acres and is located directly off of Route 208 North. The building encompasses 137,709 sf which is currently demised into five units and leased to Retro Fitness and DaVita Dialysis, to name a few. A total of 345 parking spaces are provided with 5 loading docks. The financing was arranged for an affiliate of Northeastern Security Development Corp. The property was 45% leased at the time of the financing and provides for additional funds for CapEx and leasing costs.