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Debt & Equity

Cronheim double dips on two loans for Jersey biz center

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, New Jersey.

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 six-year fixed rate and 25-year amortization, with one five-year extension option.

MBC 107-115 is a four-building office/light parcel totaling 150,192 square feet that sits on approximately 13 acres of land.

Each building contains tenant spaces ranging from 4,700 sf to 30,000 s/f. Occupied by tenants from a variety of sectors, including IT services, light industrial uses and biotechnology, the property was 100 percent leased at the time of closing.

MBC 100-200-250 totals 90,000 s/f across three buildings and is fully occupied by PTC Therapeutics, a global bio-pharmaceutical company.  PTC Therapeutics focuses on the discovery, development, and commercialization of orally administered, proprietary small molecule drugs targeting an area of RNA biology referred to as post-transcriptional control.

The properties are part of Middlesex Business Center, a 420,000 s/f office and industrial/flex complex managed by National Realty and Development Corp., (NRDC).

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