Cronheim Mortgage sourced $6.5 million in financing for an 88,500-square-foot industrial flex property on Central Avenue in New Providence — Courtesy: Cronheim
By Joshua Burd
The owner of a nearly 90,000-square-foot industrial flex building in New Providence has secured $6.5 million in financing, according to brokers with Cronheim Mortgage.
The debt placement team, which is based in Chatham, sourced the transaction with an undisclosed lender. Proceeds will support an expansion by Atlantic Health System, one of several tenants at the 88,500-square-foot property on Central Avenue, which sits just west of the South Street intersection and about a mile north of Interstate 78.
Cronheim added that it secured an earlier $5 million loan for the building, in 2014, on behalf of RC-Central Ave. Associates LLC. Part of the financing included a B note that is coterminous with the original loan.
The one-story, brick veneer building includes around 70,000 square feet of office space, while the balance is used as warehouse space, Cronheim said. It’s also home to tenants such as Sensory Spectrum and Creative Wallcoverings & Interiors, having been built in sections throughout the 1950s and 1960s.
