CRONHEIM MORTGAGE ARRANGES $7,000,000 FOR INDUSTRIAL AND OFFICE PROPERTY IN NEW YORK

Ramapo, NY – Andrew Stewart, Dev Morris and Lisa McMahon of David Cronheim Mortgage Corporation have secured financing of $7,000,000 for Rusten Corporate Park, an industrial/office property in Ramapo, New York. The loan has a 15-year term interest only for the first 7 years and a 25 year amortization period thereafter.

The subject is a three-building, 153,760 square foot industrial and office property located on 11.28 acres of land. There is an approximate breakdown of 75% industrial, 25% office for the subject. The building’s warehouse areas have 18-20 foot ceiling heights and 40’x40’ column spacing. The buildings were built between 1986 and 1992, and have been impeccably maintained and landscaped, giving the property a corporate office park appearance. The subject is located on Red Schoolhouse Road, just one mile south of Exit 14A of the New York State Thruway and approximately one mile north of the Exit 172 off of the Garden State Parkway in Montvale, New Jersey.