Regions Northeast
Financing Closes for New Jersey Retail/Office Center
Sept 5, 2008

The 185,000-square-foot office and retail property at 2143 State Route 35 in Holmdel, N.J., has been financed to the tune of $17.4 million. Cronheim Mortgage Corp. orchestrated the deal, which encompassed a 10-year loan with a 6.32 percent interest rate and a 25-year amortization. The loan came in two parts; an initial $12 million based on rents in place, along with the capacity to earn out an additional $5.4 million over a two-year period. Kohl's Plaza is anchored by a nearly 88,000-square-foot Kohl's Department Store and a 36,500-square-foot SteinMart store that recently joined the tenant roster, moving into the former TJ Maxx space. The borrower will use a portion of the proceeds to upgrade the property.

 
Recent Northeast Headlines
Proposed $1B Philadelphia Skyscraper Gets Zoning Approvals, Awaits City OK
Nov. 21, 2008
The American Commerce Center, a $1 billion, mixed-use skyscraper proposed for 1800 Arch St., in Philadelphia’s Center City, moved another step closer to reality this week when the city’s planning commission unanimously approved zoning changes for the 1.5-acre site.
pier 57 NYC's Pier 57 Attracts Trio of Renovation Proposals
Nov. 21, 2008
At the edge of Manhattan’s Meat Packing District in Chelsea, Pier 57 abuts an area that has seen a burst of activity over the last decade. Located at the end of West 15th St. and encompassing some 375,000 square feet of waterfront space plus rooftop area, the pier is now the focus for three bids for renovation.
CBRE Promotes 4 to SVP
Nov. 18, 2008
CB Richard Ellis has promoted Sacha Zarba, Doug Lehman, Andrew Sussman and Bill Mooney to senior vice president.  They were previously first vice presidents.
Redevelopment Authority Approves 4 Boston Projects
Nov. 18, 2008
Boston Mayor Thomas Menino announced that four projects totaling more than $75 million in private investment have received approvals from the Boston redevelopment authority’s board of directors.
$2B Deal for Pair of NYC Offices Reportedly Falls Through
Nov. 18, 2008
Two New York City office properties are back on the market, as a deal under which George Comfort & Sons would have acquired the assets--1540 Broadway and Worldwide Plaza--for some $2 billion has fallen through.