CRONHEIM MORTGAGE ARRANGES $5,000,000 FOR

MULTI-FAMILY PROPERTY IN CHERRY HILL, NJ

CHERRY HILL, NJ –David Cronheim Mortgage Corporation has secured financing of $5,000,000 for Hampshire House Apartments located in Cherry Hill, New Jersey. The loan was placed for a 15-year term and a 30-year amortization at a rate of 5.74%

The property consists of two buildings, each six stories in height, with a total of 138 units divided evenly between the two buildings. The Subject, which has been well maintained, is located in a primarily residential neighborhood, surrounded by several other apartment buildings.

The subject property is located on Cooper Landing Road in Cherry Hill, a Philadelphia suburb located less than 10 miles east of downtown. Cherry Hill is a town with a good reputation and a strong public school system, which generates tremendous residential demand. The Subject is situated approximately three miles west of Interstate 295 and 4 miles west of the New Jersey Turnpike, two major interstate highways running in a north/south direction throughout New Jersey.