SOUTH PLAINFIELD, NJ-First mortgage financing of $13.95 million is set for an industrial building once used for the manufacture and warehousing of flooring tile products here. Kentile Industrial Park LLC, a local partnership, is in the process of redeveloping the 564,638-sf asset, still known locally as the Kentile Building, as a multi-tenant industrial complex.The financing, which was arranged by Richard Koch, vice president in the Parsippany regional office of NorthMarq Capital, is based on a 10-year term with a 30-year amortization schedule. The funding came through NorthMarq's relationship with a conduit lender, according to Koch."Although this older building had been totally renovated, it still had some functional obsolescence problems that were underwritten," Koch says. "With proper underwriting and a knowledge of the industrial market, we were able to get the borrower, Kentile Industrial Park LLC, a full-value loan."The redeveloped asset is currently home to several tenants, including CNC Associates and Harborlite Distribution.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
