ANDREW STEWART AND DEV MORRIS ARRANGE $18,000,000 FINANCING

ON MULTIFAMILY APARTMENTS IN ROSELLE PARK, NJ

ROSELLE PARK, NJ – Andrew Stewart and Dev Morris of Cronheim Mortgage have arranged financing of $18,000,000 for a portfolio of three garden-style apartment complexes located in Roselle Park, New Jersey. The loan carries a 10-year term to amortize over 30 years.

The properties contain a total of 316 units consisting of 308 one-bedroom units and 8 two-bedroom units.  Constructed between 1961 and 1971, the units are distributed amongst seven detached two and three-story buildings.  There are a total of 234 paved, uncovered parking spaces plus an additional 180 built-in garages, which reflects 1.3 spaces per unit. All buildings are of wood frame construction having brick exteriors and asphalt shingle roofs.

The properties are situated in the northwest corner of Roselle Park, approximately one mile from access to The Garden State Parkway and within close proximity of public transportation provided by New Jersey Transit rail system.  The surrounding area boasts strong demographics and prevailing occupancy rates greater than 95%.  The properties are all 100% occupied.

The Borough of Roselle Park is located in the northern portion of Union County and occupies an area of about 1.2 square miles. It is bordered by Union Township and Kenilworth to the north, the City of Elizabeth to the east, Roselle Borough to the south, and Cranford to the west. Within a one mile radius of the properties there are 24,475 people living in 9,226 households.  The average family household income is $83,317 and the median housing value is $249,703.