40 Hudson Place in Hoboken — Courtesy: Cronheim Mortgage
By Joshua Burd
A major property owner in the region has snagged financing for a two-tenant retail building in downtown Hoboken, in a deal arranged by Cronheim Mortgage.
In a news release, the brokerage team said an Oregon-based life insurance company provided the debt in connection with the asset at 40 Hudson Place. The financing includes a 25-year term with periodic interest rate adjustments, a 25-year amortization schedule and a significant return of cash equity to the sponsor.
Cronheim’s Brandon Szwalbenest, Dev Morris and Andrew Stewart sourced the loan, noting that the firm represents the lender as a correspondent and servicer. They described the undisclosed borrower as a prominent New Jersey-based developer with a sizable portfolio of multifamily and retail assets across northern New Jersey.
“The entire Cronheim team was pleased with the smooth and timely execution it was able to deliver to its client from one of its most trusted lending partners,” the firm said in a prepared statement. “The commercial real estate lending landscape is constantly changing, but maturity dates do not change. Having a reliable lending partner and an experienced mortgage banking team to expedite the closing process is more crucial than ever in today’s environment.”
Built in 1935, 40 Hudson Place is home to Dunkin’ and Pump Pilates, the news release said. Both retailers benefit from the property’s location steps from the Hoboken PATH Station and Hoboken Terminal.
