Hillsborough Village Center at 650 Route 206 in Hillsborough — Courtesy: Cronheim Mortgage
By Tina Traster
The owner of a new mixed-use town center development in Hillsborough has secured a $49 million permanent take-out loan, according to an advisory team with Cronheim Mortgage.
In a news release, the brokers said an undisclosed New Jersey bank provided a seven-year term with two years of interest only, followed by a 30-year amortization schedule, with a swapped rate priced at 1.65 percent over the Term SOFR index. The borrower secured the loan in connection with Hillsborough Village Center in Hillsborough, at 650 Route 206, which has 191 luxury apartments and three mixed-use buildings with elevatored apartments and 28,000 square feet of ground-level retail space.
David Turley and Janet Proscia of Cronheim Mortgage arranged the financing.
Developed by Larken Associates, Hillsborough Village Center was completed in phases between late 2021 and early 2022, the news release said. The complex was fully leased before project completion.
Tina Traster is a freelance writer and the editor of Rockland County Business Journal. She is also a former business writer for Crain’s New York Business, real estate writer for the New York Post and staffer at the Bergen Record.
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