$5M Financing Set for Trio of Industrial Buildings

PARSIPPANY, NJ-James Risko of David Cronheim Mortgage Corp. has arranged permanent financing totaling $5 million for three adjacent industrial buildings within Fox Hill Industrial Park here. The package was placed for a 10-year term and a 25-year amortization for borrower Walsh Drive Associates. Southern Farm Bureau funded the loan.

The three separate buildings, constructed in 1989, total just under 160,000 sf on a 12.3-acre site. Each of the buildings is fully occupied by a single tenant, currently leased to VSA of New York, IKO International Inc. and Protech Powder.

Fox Hill Industrial Park itself dates back to the late 1970′s. The Morris County property’s 1.6 million sf in 15 buildings is home to such tenants as Lennox China, Abbott Labs, New York Life and Airborne Express, among others.

The Cronheim organization, which maintains correspondent and/or servicing relationships with 10 institutional investors, is based in Chatham, NJ.