Jones Lang LaSalle
Three Office Buildings Pick Up $12M in Funding
By Eric Peterson
Last updated: November 18, 2005 10:10am

LEONIA, NJ-Three separate loans totaling $12.1 million have been arranged for office buildings in Northern New Jersey. The transactions were arranged by locally based David Cronheim Mortgage Corp. through the firm’s correspondent lending institutions.
In the largest of the three, a $7.25-million loan was arranged with American National Insurance Co. for 2 Christie Heights St., a two-story, 67,000-sf office building here. The loan has a 10-year term and a 22-year amortization, and will be serviced by Cronheim.
In the second transaction, $2.5 million was arranged for a 38,921-sf office building on 5.35 acres at 147 Columbia Turnpike in Florham Park. Built in 1980, the asset is 100% occupied by 23 tenants. The loan was placed with AIG and has a 10-year terms and 25-year amortization.
Finally, $2.35 million was arranged for a two-story, class B building totaling 16,206 sf in Basking Ridge. The loan, placed with AmerUS Life Insurance Co., has a 20-year self-amortizing term.