Hedges at Hawthorne at 204 Wagaraw Road in Hawthorne — Courtesy: Cronheim Mortgage
By Joshua Burd
The developer of 118 luxury apartment units and retail space in Hawthorne has secured a nearly $33 million loan to refinance the project, in a deal arranged by Cronheim Mortgage.
In a news release, the brokerage team said an undisclosed lender provided the five-year financing at a rate of 5.82 percent in connection with Hedges at Hawthorne at 204 Wagaraw Road. The deal closed as the last apartments were being leased up, Cronheim said, following the 2023 completion of the apartments and 16,400 square feet of adjacent retail space.
Developed by The Bedrin Organization and March Associates Construction, the property has revitalized a former industrial site just north of the Paterson border and roughly a quarter-mile from NJ Transit rail service. The site also includes a 955-unit self-storage facility operated by CubeSmart.
“This project has been many years in the making,” Cronheim’s Andrew Stewart said. “The Bedrin Organization did a terrific job addressing the needs of the community and creating a truly special project. We were able to obtain a 35-year amortization after an interest-only period due to the project quality.”
Brandon Szwalbenest, Dev Morris and Stewart sourced the $32.97 million loan, noting that the apartments range from studios to three-bedroom units. Residents have access to amenities such as workout facilities, a rooftop terrace, lounges, an on-site salon, outdoor grilling areas and a secure package facility.
Planet Fitness and Fitrition Juice Bar occupy the retail component. Cronheim, meantime, added that Hawthorne is less than 15 miles northeast of Manhattan, while the property backs up to the Passaic River and is adjacent to Wagaraw Field, a large local park.
Luxury living arrives in Hawthorne in long-awaited project with fitness club, self-storage
