Andrew Stewart and Dev Morris of Cronheim Mortgage have secured $35 million in financing for a 509,093 s/f industrial property in Elizabeth, NJ, less than two miles from Port Elizabeth.
The loan was structured with a five year term and 30-year amortization for the borrower, Hartz Elizabeth, Inc., an affiliated entity of Hartz Mountain Industries, Inc.
The subject property, situated at 201 Bay Avenue in Elizabeth, was constructed circa 1990 and features warehouse ceiling heights of 26 ft. clear, 61 loading docks, and 9,000 s/f of mezzanine office space.
The facility is located in the heart of the ports of Newark and Elizabeth, with access to the largest and most affluent consumer market in North America. Shippers can reach 100 million consumers within a day’s departure of the port.
With new 1000-foot double track rail siding, the property is now one of the only buildings in the port district that is has a private connection for industrial transport to nearby APM Terminal, Maher Terminal and Port Newark Container Terminal.
With the dredging of the port and the raising of the Bayonne Bridge to accommodate the next generation of supertankers that will utilize the enlarged Panama Canal, this market is poised to see increased value.
Article source: http://rew-online.com/2015/09/30/cronheim-closes-35m-port-loan/