CRONHEIM MORTGAGE ARRANGES $15,900,000

FOR A TWO MULTI FAMILY FAMILY PROPERTIES IN LOUISIANA

LA – Andrew Stewart and Dev Morris have arranged financing of $15,900,000 for two multi-family garden apartment properties located in Louisiana. Both loans carry a 10-year term amortized over 30 years.

In Shreveport, Louisiana, $9,000,000 was arranged for a 444-unit apartment complex located just off the intersection of Interstate 20 and Interstate 49. The Pier-Landing Apartments are in one of Shreveport’s' most desirable areas, near educational centers, the downtown business district, Barksdale Air Force Base, and Interstate 20. A modern parkway system gives tenants easy access to the entire metropolitan area. The Pier-Landing Apartments have always experienced stable occupancy, and consistently with about 25% of its residents being employed by the nearby Air Force base.

In Baton Rouge, Louisiana, $6,900,000 was arranged for a 300-unit apartment building located just off of Route-61, near the intersection of Interstate 10 and Interstate 12. Sherwood Place Apartments is located in Baton Rouge, the state’s capital. Immediately following Hurricanes Katrina and Rita, the population of the Baton Rouge area surged, increasing demand for housing and commercial space. Occupancy at the subject property has since stabilized, and continues to be one of the more desirable apartment communities in Baton Rouge. The apartments feature proximity to Baton Rouge’s major downtown business district, Louisiana State University, and at least a dozen major medical centers.

Both apartment complexes feature sheltered, lighted entry-ways, ample parking with exterior lighting adjacent to buildings, clubhouse-activities center with a lounge, lighted tennis courts, swimming pools, a spa, physical fitness room, and laundry care facilities. Apartment units feature microwaves, dishwashers, icemakers, ceiling fans, fireplaces, balconies and/or patios, and individual central heating and air conditioning; some units have washer and dryer connections while others feature handicap accessibility. Emergency maintenance is available 24 hours a day.