PISCATAWAY, NJ-Financing totaling $11.5 million has been arranged for Giovanni Turano International Designs by Jim Risko of David Cronheim Mortgage Corp. of Chatham. The loan was placed with a 10-year term and a 22-year amortization. Further details of the financing, including the source, were not released.
The funding is secured by the 256,000-sf warehouse building at 1532 S. Washington Ave. here; an owner-occupied building that serves as the corporate offices and distribution center for Giovanni Turano, a wholesale furniture distributor. The owner bought the property in 2004, according to Risko, and prior to moving in had the space fully vacated to upgrade all utilities and infrastructure.
Originally constructed in 1969 and situated on 15 acres near I-287, the now-upgraded asset consists of 37,000 sf of office and showroom space and 219,000 sf of warehouse space. The main office/showroom component totals 30,000 sf, and the warehouse portion of the building has 21-foot ceiling heights.
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