The loan is based on a 15-year fixed rate self-liquidating term. Andrew Stewart of David Cronheim Mortgage Corp., based in Chatham, NJ, secured the financing for the property owner. Neither the property owner nor the lender was identified. Cronheim Mortgage acted as correspondent and servicing agent for the transaction.
The asset is currently approximately 50% vacant. Corporate neighbors of the location include UBS Warburg (Paine Webber), AT&T, Jersey Shore Medical Center, Chase Manhattan and Merrill Lynch. Besides its Chatham home base, Cronheim has satellite offices in Trenton, NJ and Ridgefield, CT.
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