Cronheim Mortgage arranged $6.2 million in financing for an industrial portfolio located in Saddle Brook and Franklin Township, NJ. The financings were structured on a 10/30 basis with a 3.44% interest rate and placed with The State Life Insurance Company, whom Cronheim represents as correspondent and servicing agent.
Located in Saddle Brook, Bergen County, NJ, 141 North 5th Street is a 100,000 sf, single-story industrial building constructed in 1975. The property encompasses four loading/unloading docks, 25' clear ceiling height, and 5% finished office space. The Subject is located along the Route 46 corridor and is well served by an extensive highway network.
The remainder of the financing was secured by a portfolio of three adjacent industrial buildings located at 101, 301, and 501 Cottontail Lane in Somerset County, Franklin Township, NJ. The properties encompass 100,000 sf, 116,480 sf, and 105,000 sf, respectively, and feature 22"-24" ceiling heights, over 30 loading docks, and approximately 5% or less of office space. The buildings are conveniently located off Exit 12 of Interstate 287, allowing ease of access to transportation routes, including I-78, I-95, Route 202, and Route 206.