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NATIONAL FOOTPRINT

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.

REPRESENTATIVE TRANSACTIONS

To view more of our hospitality representative transactions, please visit our hospitality branch, CRONHEIM HOTEL CAPITAL, at http://www.chccapital.com/

Cronheim Secures $9.6M for Refinance of Paterson, NJ Retail Property



Cronheim Mortgage has secured $9.6M to refinance a 52,500 square foot retail property in Paterson, New Jersey. Andrew Stewart and Allison Villamagna placed the 7-year loan with a community bank. It features a 3-year option, a 25-year amortization period, and an attractive stepdown prepayment structure.

 

The subject property is located at 261-263 McLean Boulevard, Paterson, NJ and is 100% leased to two tenants: Pep Boys Auto, a national automotive retailer, and Microcenter, a New Jersey-based consumer electronics company. The Subject benefits from its location within a New Jersey Urban Enterprise Zone, which allows tenants to charge a favorable sales tax rate of 3.5%, versus New Jersey’s standard rate of 6.625%. The reduced sales tax rate has proven to have a substantial impact on consumer behavior and both stores have performed exceptionally well.

 

Within Paterson, NJ, the property is optimally positioned along Route 20, which realizes traffic volumes upwards of 76,000 vehicles per day. Additionally, the subject is located less than a half mile from Interstate 80, one of New Jersey’s most frequently traveled thoroughfares, with traffic volumes upwards of 130,000 vehicles per day. The visibility and easy access provided by these roadways help keep the subject property front-of-mind for not only the local consumer but also the regional commuter, leading to strong long-term outcomes for its tenants.

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