LINDEN, NJ-Cronheim Mortgage has arranged $5 million in permanent financing for two adjacent industrial properties in Linden, NJ and Elizabeth, NJ. The 10-year loan has an interest rate of 4.95% and amortizes over 25 years. The lender is an insurance company.
The 267,446-square-foot combined facility, located at 480 Allen St., was constructed in phases over 60 years, and houses such tenants as the US Department of Agriculture, Lackland Storage and Cosmed Inc. It is 100% occupied, though none of the current lease terms extend beyond three years.
“Our lender was able to look past the early-term lease expiration risk and vintage of the building to the intrinsic value of the real estate and the tenants’ location-specific use,” says David Turley, a director at Cronheim Mortgage.
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