14A — October 12 - 25, 2012 — Mid Atlantic Real Estate Journal
I nsurance /T ITle
The 20 year, self-amortizing loan was placed with American United Life Insurance Co. Cronheim Mortgage positions financing totaling $3.825m for R&D in South Plainfield, NJ
OUTH PLAINFIELD, NJ — Cronheim Mort- gage , Dev Morris and
to allow the title company to hold the owner’s policy open for up to one year for a subsequent loan policy. Although the charges for loan modification endorsements have not changed, calculating these costs can represent a somewhat complex process as loan modifications are charged at 50% of the non-sale rate for loans up to five years old, 70% for loans five to ten years old and 100% for loans over ten years. These reduced rates apply only to the outstanding balance of the loan being modi- fied though. To the extent that the modification includes an ad- vance of additional funds over the then existing balance of the loan, those additional funds will be charged at the full non-sale rate and not at one of the re- duced modification rates. The revised regulations will be effective for all closings that occur on or after July 1st, 2012. Although a title order may have been placed with a title com- pany prior to that date, it does not appear that the regulations allow for any exceptions to the July 1st effective date, and as such, the new charges should be utilized. Bernie Bittner is vice president and commercial underwriting counsel for Fidelity National Title and Chicago Title Insurance in the company’s Philadel- phia commercial services office. ■ By Bernie Bittner, Fidelity National . . . continued from page 13A The buildings are presently occupied by a variety of ten- ants covering a range of sectors including pharmaceuticals, bio- technology, and solar energy. OM Group, Inc., one of the tenants, is a provider of spe- cialty chemicals and advanced materials through ground- breaking technologies. The company’s products are applied toward solutions for affordable energy, clean water and air, and portable power. ■ Over the last 15 years, Cron- heim Mortgage has financed almost every building within the center, which contains over 420,000 s/f of office, flex/indus- trial space. The office/flex build- ings on the property, which are 48,000 s/f and 48,407 s/f are constructed of precast masonry units and masonry block walls built upon concrete slabs.
Andrew Stewart arranged financing totaling $3,825,000, for a two-building office/flex complex within the Middlesex Business Center, in South Plainfield The 20 year, self- amortizing loan was placed with American United Life Insurance Company, whom Cronheim represents as corre- spondent and servicing agent. Middlesex Business Center is a premier corporate park located off Exit 5 of Route 287.
Middlesex Business Center
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