Cronheim Mortgage Secures $5.0MM for Industrial Flex Building

On Aug 7, 2014

Dev Morris and Andrew Stewart have arranged permanent financing of $5.0 million for an industrial flex building located in New Providence, Union County. The loan was structured with a 10 year term and amortizes over a 15 year period for the borrower, RC-Central Ave. Associates, L.L.C. The loan was placed with American United Life Insurance Company, whom Cronheim represents as correspondent and servicing agent.

The subject property is a one-story, brick veneer industrial flex building, containing approximately 88,500 square feet.  Approximately 60,000 square feet is used as office space while the remaining 30,000 square feet is used as warehouse space. The building was constructed in sections throughout the 1950’s and 1960’s, and features a unique mix of users including Atlantic Health Systems, Creative Wallcoverings, the New Jersey Youth Symphony, and Sensory Spectrum, a product testing company.

According to Dev Morris, “The Borrower recently signed a new long term lease to a credit tenant and approached us to refinance his existing debt early in order to take advantage of low rates now.  We were able to lock rate quickly with one of our life insurance company correspondents and even fund prior to the tenant taking occupancy.”

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