Cronheim Mortgage secured $12 million in financing for a 562,000 square foot industrial park located in Horsham Township, Montgomery County, Pennsylvania. The loan was structured with a 10 year term and amortizes over a 20 year period for the borrower, Heffernan and Partners. The loan was placed with American United Life Insurance Company, whom Cronheim represents as correspondent and servicing agent.
The subject property is formally known as Babylon Business Campus. It was constructed between 1972 and 1987 upon 55-acres of land and consists of 15 adjacent, single-story flex industrial buildings, plus one, three-story office building. There are over 50 tenants with leases occupying anywhere from 600 square feet to well over 100,000 square feet. The park has experienced excellent occupancy history due to the strategic location less than 5 miles from the Pennsylvania Turnpike as well as the strength of the management team.