CRONHEIM MORTGAGE ARRANGES $9,000,000

FOR 272 MULTI-FAMILY APARTMENT UNITS IN HAZELWOOD, NEW JERSEY

Hazelwood, MO – Andrew Stewart and Dev Morris have arranged financing of $9,000,000 for the French Quarter Apartments located in Hazelwood, Missouri. The loan carries a 10-year term and 30-year amortization. 

Constructed in 1965, the subject property consists of 17 two-story buildings containing 272 multi-family apartments, situated on 18.86 acres. Amenities include a 2-story clubhouse, laundry facility, volleyball courts, swimming pool, basketball and tennis courts, and a putting green with a driving range.

The Subject is located one half-mile east of I-270 Exit 26A which is about 1 mile east of the former Ford Motor Assembly Plant and 2.5 miles north of Lambert St. Louis International Airport.

The loan comes in the midst of the ongoing revitalization and new development initiative taking place in downtown St. Louis and the neighboring suburbs. Over $4.5 billion worth of development investments have been put towards the construction of office buildings, hotels, entertainment centers, residential facilities, education centers, industrial manufacturing centers, health care centers, and community centers.