Cronheim Mortgage Arranges $33M Loan for Refinancing of Northern New Jersey Apartment Complex

HAWTHORNE, N.J. — Locally based financial intermediary Cronheim Mortgage has arranged a $33 million loan for the refinancing of Hedges at Hawthorne, a 118-unit apartment complex in Northern New Jersey. The property houses 10 studios, 27 one-bedroom units, 76 two-bedroom residences and five three-bedroom apartments, as well as 16,400 square feet of retail space. Amenities include a fitness center, rooftop terrace, lounges, an onsite salon, outdoor grilling areas and a package handling facility. Brandon Szwalbenest, Dev Morris and Andrew Stewart of Cronheim arranged the loan, which carries a fixed interest rate of 5.82 percent, on behalf of the borrower, New Jersey-based investment firm The Bedrin Organization. The direct lender was not disclosed.