$5M Financing Set for 46,000-SF Building

MORRIS PLAINS, NJ-Permanent fixed-rate financing in the amount of $4.5 million has been set for 200 American Rd., a 46,000-sf building here. The lender, GE Business Asset Funding, provided a 12-month forward mortgage loan commitment pending completion of construction of the asset and installation of the tenant.

The funding was arranged on behalf of the borrower by Timothy Harwood, director, in LJ Melody’s Connecticut office. The borrower was identified by LJ Melody, the real estate banking arm of CB Richard Ellis, only as a Westchester County, NY-based developer.

The new asset is a flex building situated on a five-acre site within American Enterprise Park, a business park that has been under ongoing development since the early 1980s. The property was fully pre-leased to an affiliate of Atlantic Health System, one of the largest healthcare systems in New Jersey.