PLAINFIELD, NJ - Andrew Stewart and Anna Westhoff of Cronheim Mortgage have arranged the purchase and financing of four non-performing mortgage notes secured by three multi-family complexes totaling 141 units in Plainfield, NJ. Cronheim also acted as note purchase and bankruptcy advisor, enabling the Borrower, Channel Park Avenue LLC, to take title to the properties within 90 days after the closing on the notes.

It is particularly noteworthy that the note purchase was completed within two weeks of winning the bid. This included arranging financing for 85% of the notes’ purchase price.

“This note acquisition and financing showcases our firm’s creativity, value-creation capacity and deep bench of talent,” said Stewart. The subject properties consist of one 62-unit, five-story (over garage and lobby level) brick elevator apartment building; one 52-unit, five-story (over garage and lobby level), brick elevator apartment building; and one 27-unit, 2.5-story, brick walk-up apartment building. All three are located within 0.4 mile of Plainfield’s train station and are within walking distance of public schools and supermarkets. “The Operator has acquired three solid, well-located and well-constructed complexes at a meaningful discount to their intrinsic value. We are confident that they will re-stabilize and perform solidly with a capital infusion and a new management team,” said Westhoff.