CRONHEIM MORTGAGE SECURES $14,000,000 MILLION FINANCING

FOR INDUSTRIAL BUILDING IN RANDOLPH, NEW JERSEY

RANDOLPH, NJ – Andrew Stewart and Dev Morris of David Cronheim Mortgage Corporation have arranged financing of $14,000,000 for a 471,547 square foot industrial building located in Randolph, New Jersey. The loan, which has a 10-year term amortized over 30 years, was placed on behalf of Beta Development Group. 

The subject property is a multi-tenanted industrial building on 158 acres of land, with a total net rentable area of 471,547 square feet.  The property was originally built in 1958 for Westinghouse Elevator Corporation and includes a 22-story elevator testing tower, which is one of only two in the country. Current tenants include Schindler Elevator Corporation, Bath Unlimited, Moulding and Millwork (division of Saunder Industries), HW Farren Corporation, Anty Crane Service, and Transcope, Inc.

The subject is located at 1518 Sussex Turnpike, near the intersection with Route 10. Sussex Turnpike (Route 617) is a major east-west county road that provides connections to the area’s network of highways. Route 10 is a major east/west commercial thoroughfare through Northern New Jersey.  Randolph, which is located in Morris County, occupies an area of 21 square miles and has a population of approximately 25,000 residents.