CRONHEIM MORTGAGE ARRANGES $11,500,000 FOR

WAREHOUSE PROPERTY IN NEW JERSEY

PISCATAWAY, NJ – Jim Risko of David Cronheim Mortgage Corporation has arranged financing of $11,500,000 for a 256,000 square foot warehouse property in Piscataway, New Jersey. The loan was placed with a 10-year term and a 22-year amortization.

The Subject is owner occupied by Giovanni Turano International Designs, a furniture warehouse company who purchased the property in 2004. Prior to taking occupancy, the borrower had the space fully vacated in order to fully upgrade all utilities and infrastructure including electric service, plumbing, and HVAC. The property consists of 37,000 square feet of office/showroom space and 219,000 square feet of warehouse space. The main office/showroom component of the Subject, located at its western end, totals approximately 30,000 square feet. A secondary office area, containing 7,000 square feet is located at the south end of the Subject. The warehouse portion has ceiling heights of 21 feet and column spacing of 30 feet by 40 feet. There are 16 electric tailgates for shipping/receiving, along with a 20,000 square foot mezzanine storage system.

The improvements were constructed in 1969 and are situated on 14.658 acres of industrial zoned land situated on the west side of South Washington Avenue, approximately 400 yards north of Interstate 287 and south of the junction of Washington Avenue and Stelton Road.  South Washington Avenue, which is easily accessed via exit 6 on Interstate 287, is the major commercial thoroughfare in the area, traversing in a southeast/northwest direction from Metlars Lane in the south to Route 22 to the north.  The predominant use of Interstate 287 includes corporate office parks and light industrial parks.