Cronheim Mortgage secures $18.6 million for 240,000 s/f of office / flex buildings within The Middlesex Business Center

February 12, 2019

SOUTH PLANFIELD, NJ — Cronheim Mortgage has secured $18.6 million in financing across two loans for seven buildings totaling 240,192 s/f within the Middlesex Business Center in South Plainfield, Middlesex County. Farm Bureau Life Insurance Company, whom Cronheim represents as correspondent and servicing agent, funded the loan for MBC 107-115, which was structured with a 10-year fixed rate locked three months prior to closing. The second loan, funded by a regional bank for MBC 100-200-250, was structured with a 6-year fixed rate and 25-year amortization, with one 5-year extension option.
MBC 107-115 is a four-building office/light parcel totaling 150,192 s/f that sits on 13 acres of land. Each building contains individually demised tenant spaces ranging from 4,700 sf to 30,000 s/f. Occupied by a strong lineup of tenants covering a variety of sectors, including IT services, light industrial uses and biotechnology, the Property was 100% leased at the time of closing.

 

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