Cronheim Mortgage arranges $14 million on behalf of Monmouth Real Estate Investment Corporation
Indianapolis, IN – Dev Morris and Andrew Stewart have arranged acquisition financing of $14 million for a new distribution facility. The 10-year fixed-rate loan was placed with American United Life Insurance Company, whom Cronheim represents as correspondent and servicing agent. The interest rate was locked on a forward commitment basis, 8 months prior to closing.
The subject is a newly constructed 327,862 SF facility located in the Ameriplex Industrial Park, in Indianapolis, Marion County, IN. The property is situated immediately off of Interstate 70 and is in very close proximity to Interstates 65 and 74. The subject is also afforded access across the nation via the largest concentration of Interstates in the US including I-70, 74, 65, and 69. Also located just across I-70 is the Indianapolis International Airport, the largest airport in Indiana occupying 7,700 acres. The Indianapolis MSA is the 13th largest in the country and has a population of 1,900,000 residents.
Monmouth Real Estate Investment Corporation (NYSE:MNR), founded in 1968 and one of the oldest public equity REITs in the U.S., specializes in net-leased industrial properties subject to long-term leases primarily to investment grade tenants. The Company is a fully integrated and self-managed real estate company, whose property portfolio consists of eighty-two properties located in twenty-eight states, containing a total of approximately 11.2 million rentable square feet.