CRONHEIM MORTGAGE ARRANGES $4,256,000 FOR MULTIFAMILY PROPERTIES LOCATED IN WEST VIRGINIA, ARKANSAS, AND NEW JERSEY

WV, AR,  & NJ – David Turley and Frank Sullivan have arranged $4,256,000 in financing for multi-family properties located in West Virginia, Arkansas, and New Jersey.

Cronheim arranged $895,000 in financing for the Annex Mobile Home Park in Inwood, West Virginia. The loan carries a 10-year term amortized over 30 years with the first six months interest only.

Cronheim arranged $960,000 in financing for 29-39 Stiles Road in Elizabeth, New Jersey. The subject property is a 2-story, 21-unit, garden apartment complex located in Elizabeth, NJ. Comprised of fifteen two-bedroom and six one-bedroom apartment, all units in the subject are equipped with intercom systems and in-wall air-conditioning units. On-site parking is provided with 21 assigned spaces. The subject is located in a densely populated residential area, in close proximity to shopping and transportation. Kean University and a corporate facility of Schering-Plough, a major pharmaceutical developer, are located within 1 mile on Morris Avenue. Morris Ave provides access to US-22, the Garden State Parkway, and I-95.

Cronheim arranged financing for two multi-family properties in Paterson, New Jersey. $752,000 was arranged for one property located at 141-143 Governor and $1,120,000 was arranged for another multi-family property located at 51-57 Park Avenue.

Cronheim also arranged $529,600 in financing for the Studio One Apartments in Pine Bluff, Arkansas.