Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SECAUCUS, NJ-Cronheim Mortgage arranged $40 million in financing for four Hartz Mountain Industries Inc. industrial buildings. Funded through one of Cronheim’s insurance company correspondents, the non-recourse loan has a five-year term, amortized over 25 years, at an interest rate of 6.65%.

With a total square footage of roughly 1.1 million, the four properties are located at 201 Bay Ave., Elizabeth; 2101 91st St., North Bergen; 440 Allwood Rd., Clifton; and 80 Seaview Dr. here.

“This investment is based not only on our long-term belief in the New Jersey industrial market, but in the management capability of Hartz Mountain,” says Andrew Stewart, CEO of Cronheim, in a statement.

Gus Milano, executive vice president at Hartz, tells GlobeSt.com that the existing mortgages on the properties were maturing so the firm decided to refinance. “We deal regularly with Cronheim Mortgage,” he says. “Occasionally they find a source of capital that meets our requirements.” He declined to disclose the terms of the previous mortgages the new financing package replaces. All buildings are fully occupied, but Milano declined to reveal the names of any tenants.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.