26A — July 17 - 30, 2015 — M id A tlantic
Real Estate Journal
www.marejournal.com
F inancial D igest
Dev Morris and Andrew Stewart finance two warehouse/distribution centers Cronheim Mortgage finances 560,340 s/f of NJ industrial space totaling $13.5 million R tion center encompassing 325,340 s/f. The loan was structured with a 10 year truck and car parking. The remaining 6,500 s/f is used as office space.
foot clear height ceilings and 24,000 s/f of office space. The facility also features ample loading as well as truck and vehicle parking. It is fully leased to a leading provider of contract manufacturing and supply chain manage- ment services to the cosmet- ics, personal care, and house- hold products industries. The second property is located in North Bergen, Hudson County, NJ, and is a 235,000 s/f warehouse and distribution facility, fully-leased to a leader in the
wine and spirits industry. The $3.5 million loan was structured with a 10 year term and 30 year amortiza- tion, and was placed with the State Life Insurance Company, whom Cronheim represents as correspondent and servicing agent. Built in the 1960’s, the 235,000 s/f building is situat- ed upon approximately 12.15 acres of land. The warehouse portion of the building of ap- proximately 228,500 s/f has 20 foot ceiling height clear- ance and ample loading and
I D G E F I E L D / NORTH BERGEN, NJ — Dev Morris and Andrew S t ewa r t o f C r o n h e i m Mortgage ar- ranged a total of $13.5 mil- l i on f or two warehouse & distribution fa- cilities located in Hudson and Bergen County, NJ. In Ridgefield, NJ, $10 mil- lion in financing was secured for a warehouse & distribu- Andrew Stewart
ENGLEWOOD CLIFFS, NJ — Kennedy Funding Financial (KFF) has com- pleted an $880,000 loan to Houston, Texas-based Sleep Shop & Bunk Bed World, announced Kevin Wolfer, CEO of the Englewood Cliffs based direct private lender. The source of the financing for the two-year, interest-on- ly loan is Sleep Shop Lender LLC, and the loan will be serviced by KFF or one of its affiliates. Collateral for the loan is a 16,835 s/f industrial/retail building including a 5,800 s/f office component, located at 5801 and 5845 Northern Freeway in Houston, uti- lized by Sleep Shop Super Store & Bunk Bed World as a retail furniture outlet and warehouse. The company has been in business for more than 30 years. “This building is owner- occupied and, as such, is an unwelcome opportunity for many commercial real estate lenders,” said Wolfer. “Single-tenant buildings are often considered ‘high risk,’ because in the worst-case scenario of that tenant vacat- ing the building, the property value would drop precipi- tously, potentially putting the financing into default. “In this case, the borrower is using the proceeds of the loan as working capital for additional investment,” he said. “Kennedy Funding Fi- nancial creatively structures loans to accommodate bor- rowers. For this transaction, the borrower wanted to ac- quire additional assets, and we were able to structure a financial package to provide that opportunity.” n Kennedy Funding Financial closes loan secured by texas retail prop. Both properties have excel- lent access to Routes 1 & 9 as well as the New Jersey Turn- pike, and are located just outside of New York City. Founded in 1897, David Cronheim Mortgage Corpo- ration and its affiliate com- panies located in Chatham, NJ provide an array of real estate services. n
term, 4 years of interest-only payments, and a 32 year amor- tization there- after. T h e f i r s t property is lo- cated in Ridge-
Dev Morris
field, Bergen County, New Jersey. Built in 1970-1971, this facility consists of ap- proximately 301,340 s/f of warehouse space with 20
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