The funding was arranged by Andrew Stewart of the David Cronheim Mortgage Corp., Chatham, NJ. The loan carries a 10-year term amortized over 30 years, according to Stewart. The source of the funding was not disclosed.
The property includes a 22-story elevator testing tower, said to be one of only to in the country. The elevator testing tower is still in active use--one of the building's tenants is the Schindler Elevator Corp. The other current tenants include Bath Unlimited, the moulding and millword division of Saunder Industries, HW Farren Corp., Anty Crane Service and Transcope Inc.
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