Cronheim Mortgage secured individual loans for four multi-family properties totaling $20.15 million to refinance 188 units in the Washington Heights and Morningside Heights neighborhoods of Upper Manhattan. These pre-war, rent-stabilized buildings have been owned by the sponsors for a number of years. The financing term, which was originally 5-years, was modified to a 4-year term as a mitigant to offer a lower rate in a rising interest rate environment.
Backed by a century’s worth of knowledge and expertise, Cronheim Mortgage provides a vast array of real estate services, including debt and equity for investment grade real estate. By leveraging the strong correspondent and/or servicing relationships we have cultivated with our institutional investors, including many insurance companies, we have continuously had access to substantial debt and equity capital to invest in quality real estate at pricing well below alternative sources, especially for long-term debt. We stand out from our competitors with our strong debt servicing portfolio, currently in excess of $2,000,000,000. Moreover, through our Channel Real Estate Funds affiliate, we have efficiently and cost-effectively provided mezzanine and equity capital for numerous real estate assets. We have placed debt/equity and serviced in 30 states, and continue to capitalize on new opportunities.