David Turley, Anna Westhoff and Janet Proscia of Cronheim Mortgage have arranged permanent financing totaling $5,000,000 for two adjacent industrial properties located in Linden & Elizabeth, NJ. The 10-year loan has an interest rate of 4.95% and amortizes over 25 years. Cronheim placed the loan with one of its insurance company correspondents.

The multi-tenant industrial facility, which totals 267,446 SF, was constructed at various times over the past sixty years. Ceiling heights range from 12’ to 18’. Current tenancy, which includes the US Department of Agriculture, Lackland Storage and Cosmed, Inc, view this strategic location near Newark International Airport and the Port as mission-critical. However, none of the tenants’ current lease terms extend beyond 3 years. The subject property enjoys a strong operating history and current occupancy of 100%.

“Our lender was able to look past the early-term lease expiration risk and vintage of the building to the intrinsic value of the real estate and the tenants’ location-specific use,” said David Turley. “We’re very confident in our debt exposure of $19/sf for Linden industrial,” added Anna Westhoff. “We’re pleased to have added this loan to our servicing portfolio.”