CRONHEIM ARRANGES $7,000,000 IN RECENT FINANCINGS IN NEW JERSEY

NEW JERSEY – David Cronheim Mortgage Corporation has secured financing of $7,000,000 for three multifamily properties located in New Jersey.

In Randolph, New Jersey, $3,000,000 was arranged for a 276-unit garden style-apartment complex contained in 15 detached two-story brick buildings. The property, which is situated on a 20.2-acre parcel, is located on Quaker Church Road, approximately one-half mile from Route 10. Built in 1970, the complex is well maintained with all units having undergone recent renovations that included new kitchens, baths and appliances.  The loan, which was placed with AIG, has a term of 10 years amortized over 20 years.

In Bergen County, New Jersey, $4,000,000 was arranged for two multifamily properties totaling 57 units.  Alma Terrace is a 25-unit building located in Teaneck comprised of three studio units and 22 one-bedroom units.  The property was recently upgraded with new electrical systems, windows, gutters, entrance doors, hallway emergency lighting, and intercom systems.  Linden West is a 32-unit apartment building located in Elmwood Park comprised of 16 one-bedroom units and 16 two-bedroom units.  The property features new electrical systems, a new boiler system, and many units with upgraded kitchens.  The loan has a term of 10 years amortized over 30 years.