CRONHEIM MORTGAGE ARRANGES $14,000,000 FOR

MULTI-FAMILY PROPERTY IN HACKENSACK, NEW JERSEY

HACKENSACK, NJ – Bruce Theuerkauf of David Cronheim Mortgage Corporation has secured financing of $14,000,000 for Royal Towers, a 254-unit apartment property located in Hackensack, New Jersey.  The loan was placed for a 10-year term and 30-year amortization at a rate of 5.09%, which included the cost of a 9-month forward commitment.

The complex consists of two 4-story buildings and one 7-story building.  The property contains full size studios, one and two-bedroom apartments featuring newly renovated modern kitchens with new appliances. Most units have newly tiled bathrooms with brand new fixtures. All units have wall-to-wall carpeting, ceiling fans, and cable access and intercom services. Off-street parking provides ample parking for residents, including 271 surface parking spaces and 52 garage spaces.

The subject property is less than one-half mile from Exit 64 of Interstate 80, a major east-west artery that provides access to Manhattan via the George Washington Bridge, located approximately 8 miles east of the Subject. The subject property is also situated less than one-half mile north of Route 46, a major corridor that runs parallel to Interstate 80.  Route 46 is one of Northern New Jersey’s major retail commercial corridors, containing over 5.8 million square feet of retail space.  Residents of the subject property have excellent access to the extensive network of arteries that Northern New Jersey and New York have to offer.