Cronheim Mortgage secured $20 million of financing for a 133-unit garden apartment development located in Summit, Union County, New Jersey. The loan, which was structured on a 20-year term with a 25-year amortization and has a fixed interest rate of 3.44%, was placed with Voya Retirement Insurance and Annuity Company, on behalf of whom Cronheim acts as correspondent and servicing agent. The interest rate was locked 5.5 months prior to closing.
The Subject encompasses 16, 2- and 3-story brick walk-up apartment buildings with both garage and surface parking. There is a mixture of 1-, 2-, and 3-bedroom layouts which have recently been renovated and include a washer and dryer, video intercom security entry system, hardwood floors throughout, walk-in closets, and basement storage units. There is also an onsite pool and outdoor entertainment area.
Summit is one of the most affluent towns in NJ with strong demographics and top-rated schools. The property is a short walk from the heart of downtown Summit which offers a variety of restaurants, boutique shops, businesses, and other services. The downtown also has a train station which is a major commuter hub, affording passengers express service to New York's Penn Station in 40 minutes.