550-570 Central Ave. in New Providence — Courtesy: Cronheim Mortgage
By Joshua Burd
The owner of nearly 90,000 square feet of industrial flex space in New Providence has refinanced the property for $5.85 million, in a deal arranged by Cronheim Mortgage.
According to a news release, a correspondent insurance company provided the loan in connection the industrial flex building at 550-570 Central Ave. Cronheim arranged the debt on behalf of the borrower, RC-Central Ave Associates LLC, having also secured financing for the client’s property in 2014.
Additionally, the firm noted that roughly 60,000 of the building’s 89,619 square feet is used for office functions, while the remaining space is considered warehouse. It was constructed in sections throughout the 1950s and 1960s and was 100 percent leased at closing to many of the same tenants that occupied the property in 2014.
Those users include Atlantic Health Systems, which has expanded to occupy more than 26,000 square feet, along with Sensory Spectrum, Wharton Music Center and Creative Wallcoverings & Interiors, among others.