Cronheim Mortgage arranged $8,500,000 of financing for two garden apartment developments, Butler Ridge and Butler Arms, in Morris County, New Jersey. The loan was placed with Southern Farm Bureau Life Insurance Company, on behalf of whom Cronheim acts as correspondent and servicing agent. The 10 year loan amortizes over a 25 year period and has a fixed interest rate of 3.16% which was locked 5 months prior to closing.
Butler Ridge encompasses 11 buildings demised into 188 units including studio, one- and two-bedroom layouts while Butler Arms is a free-standing, two-story structure with 30, one-bedroom units. Both developments are afforded convenient access to an excellent network of interstate and state highways including Route 23, a dense commercial corridor in northern NJ, and also to Interstate 287, a partial beltway around New York City. The two properties are located approximately two miles from each other in Butler Borough.