NEW JERSEY—Cronheim Mortgage’s David Turley and Janet Proscia have arranged permanent mortgage financing totaling $20 million for a four-building, 75,560-sq.-ft. medical office portfolio with properties in Oradell, Hackensack, Fair Lawn and Carlstadt.
The 70 percent LTV, 10-year loan was placed with Continental Casualty, one of Cronheim's insurance company correspondents. Cronheim will retain servicing. The borrower is a medical office.
The properties include a mix of one-, two- and three-story buildings with a variety of medical uses.
"This was a highly strategic transaction for our borrower, a medical office investor in growth mode,” said Turley. “He was able to consolidate four loans into one and correct underleverage and contingent liability issues to free up capital and borrowing capacity for new."