Cronheim Mortgage has secured $12 million in permanent financing for Lindsley Arms Apartments, a 180-unit garden-style apartment community in Morristown, New Jersey. Andrew Stewart, Dev Morris, and Allison Villamagna secured the financing on behalf of Deera Management Group, L.P. The financing was structured on a 15/30 basis and provided by CMFG Life Insurance Company, whom Cronheim represents as correspondent and servicer.
Built in 1962, the Subject encompasses 8 two- and three-story walk-up buildings improved with wooden frame with brick veneer construction and pitched roofs. Spread across 10.26 acres of land located at 301 Lindsley Drive, the Subject offers one-, two-, and three-bedroom layouts ranging from 607 to 838 square feet. Amenities offered at the Subject include pool, laundry facilities and grade-level indoor garages.
The immediate neighborhood surrounding the Subject is pristine in character. Corporate headquarters facilities, the Morris County Arboretum, and a private school are located to the north and east of the Subject. The neighborhood immediately to the west and south includes the Westin Morristown Hotel, single-family homes, the historic Ford Mansion, and the Morris County Historical Society. Downtown Morristown is located within a mile from the Subject. The region boasts strong demographics with an average household income of more than $188,000 within a five-mile radius.