CRONHEIM MORTGAGE ARRANGES $15,800,000 FOR

A MULTI-FAMILY APARTMENT COMPLEX IN MATAWAN, NJ

MATAWAN, NJ- David Cronheim Mortgage Corporation acted as a mortgage correspondent and servicing agent for the financing of  $15,800,000 for Long Brook Apartments, a 241-unit garden-style apartment complex. 

The loan was placed with a 30-year term and 30-year amortization. Constructed in the 1960’s, the property is comprised of 19 two-story buildings and contains 165 one-bedroom apartments, 75 two-bedroom apartments, and one three-bedroom house.  Many of the units have undergone extensive renovations, featuring new windows, new kitchen cabinets, new appliances, including a dishwasher, microwave oven, and a refrigerator, and new bathrooms. The subject property also includes a swimming pool, onsite parking, and an upgraded laundry facility.

The subject property is located on Sutton Drive, just west of Matawan Avenue and less than ½ mile from the Garden State Parkway, allowing for easy travel throughout the state of New Jersey to all points north and south. Additionally it offers access to many other major arteries including I-95 and I-287. I-95, also known as the New Jersey Turnpike, starts in the south at the Delaware state line and connects to Bergen County in the north at the George Washington Bridge.  Interstate 287, a major north-south highway, runs from central New Jersey north to Interstate 87 (The New York Throughway).