CRONHEIM MORTGAGE ARRANGES $10,800,000 FOR

A MULTI-FAMILY APARTMENT COMPLEX IN SUMMIT, NJ

Summit, NJ – David Cronheim Mortgage Corporation secured $10,800,000 for Constantine Place, a 100-unit, nine-building garden-style apartment complex.

The loan was placed with a 30-year term and 30-year amortization. The property is comprised of 55 two-bedroom units and 45 two-bedroom townhomes and is situated on 6.6 acres of land.  There are four common area laundry rooms with coin operated washers and dryers and each townhouse unit has an individual washer/dryer hookup.  There is parking for 136 cars, including 46 private garages.

The subject property is located at the intersection of CR-6 and CR-512, two major arterial roads that run through the affluent suburbs of New Providence, Berkeley Heights, and Summit, New Jersey. State Route 24 is located less than 2.5 miles from the subject property and runs east-west through Summit. The subject is also located within 1.5 miles from Interstate 78, a major thoroughfare providing easy access to New York City. Interstate 78 offers access to many major arteries throughout Northern New Jersey, including Route 1, Interstate 287, the Garden State Parkway and Interstate 95, also known as the New Jersey Turnpike.