CRONHEIM MORTGAGE ARRANGES $40 MILLION LOAN FOR INDUSTRIAL PORTFOLIO

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NEW JERSEY — David Cronheim Mortgage Corp. has arranged $40 million in financing for a four-building industrial portfolio owned by Hartz Mountain Industries. The portfolio totals 1.13 million square feet; the buildings were built between 1977 and 1990 and are located in Secaucus and other northern New Jersey cities. The non-recourse loan contains a 5-year term with a 25-year amortization schedule and a 6.65 percent interest rate. The lender is one of Croheim's correspondent insurance companies.

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