Morris and Stewart of Cronheim arrange $6.65 million in financing

Dev Morris and Andrew Stewart have arranged acquisition financing of $6.65 million for a new distribution facility. The 13-year fixed-rate loan was placed with Aviva Life and Annuity Co., whom Cronheim represents as correspondent and servicing agent. The interest rate was locked four months prior to closing which enabled the borrower to obtain a 3.84% fixed rate. The subject is a newly constructed 103,402 s/f facility with pre-engineered metal construction and masonry finishes, located in the Roanoke Centre for Industry & Technology (RCIT). The RCIT is an established business park that is home to several of the world's most recognizable companies, including; Orvis, Inc., Elizabeth Arden, BellSouth, and Advance Stores Company. The property is off of Interstates 581 and 81, and is eight miles from the Roanoke Regional Airport. The metropolitan region of Roanoke is the largest in the southwest Virginia area and has a population of 325,000 residents. Roanoke's economy developed around the Norfolk and Western Railroad with a strong emphasis on manufacturing. The median household income is approximately $35,000. Monmouth Real Estate Investment Corp., 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 seventy-three industrial properties and one shopping center located in twenty-six states, containing a total of approximately 9.4 million rentable square feet. In addition, the company owns a portfolio of REIT securities.