BORDENTOWN, NJ-Two new identical buildings of 119,808 sf each, or 239,616 sf total, are set to rise within Central Crossing Business Park here. The construction plans were confirmed as a result of a $21-million construction loan. The borrower was Central Crossing Business Park LLC, an affiliate of the Wall Township-based developer KOR Cos.
The construction financing was arranged by Gretchen S.Wilcox, president of the Morristown-based Q|10 G.S. Wilcox & Co., and the firm's Albert Raymond. The loan's pricing was based on Libor with a 36-month term, with interest-only for the term of the loan, according to a spokesman for Wilcox.
At build-out, Central Crossing Business Park will consist of four industrial/flex buildings totaling more than 1.6 million sf. The property is located adjacent I-295 near Exit 7 of the New Jersey Turnpike.
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