Regions Northeast | New Jersey
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.
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.
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