Jones Lang LaSalle

Office Owner Secures $16M Financing
By Eric Peterson
(To read more on the debt and equity markets, click here.)

HOBOKEN, NJ-Financing amounting to $16 million has been arranged for Baker Waterfront Plaza, a 93,000-sf class A office building here. Located on the Hudson River, the property is also known as Two Hudson Place.

Constructed in 1987-88, the eight-story building is currently occupied by 14 tenants including Nomura Securities and the US Postal Service. The funding was arranged by Andrew Stewart and Dev Morris of David Cronheim Mortgage Corp., based in Chatham.

The loan was placed at an interest rate of 5.65% and has a 10-year term amortizing over 30 years, according to information released by Cronheim. The borrower and lender were not identified, however, the building is currently listed in the portfolio of National Realty and Development Corp. of Purchase, NY.

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