MORRISTOWN, NJ-A mortgage loan amounting to $5.4 million has been obtained by 65 Madison Ave. Associates, an entity owned by Consolidated Commercial Realty Group LLC, secured by the office building located at 65 Madison Ave. here. The funding was provided by Spencer Savings Bank of Elmwood Park, NJ.
The deal was arranged by John Duncan, Spencer's senior vice president and senior lending officer, and Harry Seidman, president of Commercial Finance Group of Morris Plains, NJ. The loan provides a fixed interest rate for a 10-year term, according to Duncan.
The multi-tenant building at 65 Madison Ave. is a five-story asset totaling just more than 80,000 sf. Located across the street from Morristown Memorial Hospital, its tenant roster includes such medical companies as Hematology Oncoloy Associates, and such other firms as the Morristown Financial Group, O. David Fischer and Co. and Thelen Reid & Priest.
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