Business Center Gets $4.3-Mil Interim Package

CRANFORD, NJ-David Cronheim Mortgage Corp., based in Chatham, NJ has arranged an interim financing package of $4.3 million for the South Avenue Business Center in this Union County community. The borrower was Ashley Business Park LLC.American Home Products formerly occupied the 258,000-sf office and industrial complex, which sits on just under 12 acres. Since it was vacated by AHP, it has been re-tenanted by several industrial and office operations and also houses a manufacturing business owned and operated by the owner/borrower. The facility is located near two different access points to the Garden State Parkway.

Cronheim Mortgage is a real estate investment banker that has correspondent relationships with 10 life insurance companies. It also has correspondent relationship with three investment banks and a servicing portfolio of approximately $900 million. The source of the latest financing package was not disclosed.