David Turley and Janet Proscia of Cronheim Mortgage have secured a $49,000,000 permanent take-out financing for Hillsborough Village Center in Hillsborough, Somerset County, NJ.
Cronheim secured a commitment from a New Jersey bank for a 7-year term with two years of interest only followed by a 30-year amortization schedule. The swapped rate was priced at 1.65% over the Term SOFR index.
The Class A, newly constructed mixed-use project offers 191 luxury one- and two-bedroom units as well as three mixed-use buildings with elevatored apartments and 28,000 square feet of ground level retail space for lease. The residential units feature open-concept living areas, stainless steel appliances, solid surface countertops, and washer/dryer hook-ups in each unit. The property offers a clubhouse, fitness/exercise facility, outdoor heated pool package service room, playground, dog park, pet spa, storage, and electric car charging stations.
The Property was completed in phases between late 2021 and early 2022. The quality and size of the units in addition to the best-in-class amenity package created a huge amount of tenant interest. The complex was fully leased before the project completion.
Hillsborough Village Center enjoys immediate access to US Route 206 and is proximate to Interstate 78 and US Route 22. The surrounding area provides a wide variety of shopping and dining options.
Larken Associates, headquartered in Somerset County was the developer of the community. Larken is a second-generation development firm with over 50 years of experience.