CRONHEIM MORTGAGE ARRANGES $19,550,000 FOR TWO FLEX AND OFFICE PROPERTIES IN SOUTH PLAINFIELD, NEW JERSEY

PART OF FLEX PARK DEVELOPED BY NRDC
 

SOUTH PLAINFIELD, NJ – Andrew Stewart, Dev Morris and Lisa McMahon have arranged financing of $19,550,000 for two flex and office properties located in Middlesex Business Center in South Plainfield, New Jersey. Both loans were arranged for ten year terms.

100, 200, and 250 Corporate Court, financed for $7,650,000, are three single-story office buildings, built between 1983 and 1985. Each building contains 30,000 square feet and has individually demised tenant spaces ranging in size from 900 square feet to 30,000 square feet. 60,000 square feet is occupied by PTC Therapeutics, a biopharmaceutical company focused on the discovery and development of small-molecule drugs. The company has been in business since 2000, and has received numerous grants and equity investments from major pharmaceutical companies and numerous foundations such as CV Therapeutics, Cystic Fibrosis Foundation, Muscular Dystrophy Association, Parent Project Muscular Dystrophy, Pfizer, Schering-Plough, and the Spinal Muscular Atrophy Foundation. According to Andrew Stewart, CEO of David Cronheim Mortgage Corporation, “NRDC, the developer, recognized when PTC was formed that their business had tremendous growth potential. The term ‘flex building’ applies well in this instance as they have accommodated PTC’s expansion needs several times.”

107 – 115 Corporate Boulevard, financed for $11,900,000, consists of a complex of three office/distribution/lab buildings containing 47,030 square feet, 59,834 square feet and 13,328 square feet as well as one, single-story 30,000 square foot office building. Each building contains individually demised tenant spaces ranging in size from 1,000 square feet to 30,000 square feet. Each unit is provided with a separate entrance, individual HVAC units, separate metering for utilities, loading docks and/or drive-in doors.

Middlesex Business Center is located less than 1 mile from Exit 5 of I-287, and is one of the premier corporate centers in central New Jersey given its proximity to commercial, retail, and residential areas and its ability to cater to small office users.