Cronheim Mortgage has secured $35 million in financing for a 509,093-square-foot 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., a family-owned company with vast real estate holdings in the NY-NJ metropolitan region.

The property, located at 201 Bay Avenue in Elizabeth, was constructed circa 1990 and features warehouse ceiling heights of 26 feet, 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 consumer market in North America.

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.

For more of the Real Estate Weekly story: rew-online.com

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