Cornerstone Capital Secures $8M Refinance Loan For Cranford, NJ Industrial Warehouse

An industrial warehouse located at 70 Jackson Drive in Cranford, NJ has recently undergone a loan refinance transaction. The property, measuring approximately 168,000 square feet, serves as a valuable asset in the market.

Summary of transaction details

• Property Type: Industrial
• Transaction Amount: $8,000,000
• Address: 70 Jackson Drive, Cranford, NJ

Russell Nova and Sean Kuts from Cornerstone Capital were the brokers involved in this deal. They represented the landlord, Victor Tseng, in securing financing for the property from Builder Bank.

The loan agreement amounted to $8,000,000, featuring a 3.6% interest rate and a fixed term of 7 years. Additionally, the loan includes a 2-year period of interest-only payments. The transaction was requested after the client's rush purchase of the property, prompted by a 1031 Exchange. @Sean_Kuts worked closely with the sponsors to fulfill their requests in a timely manner. @CornerstoneCapitalofNY deserves recognition for successfully executing the transaction.

For more information, interested individuals can contact Nova, Principal at [email protected] or 917-559-1820 (cell), and Sean Kuts, Senior Relationship Manager, at [email protected] or 347-585-5212 (cell).