Dev Morris, Allison Villamagna and Andrew Stewart have arranged financing for Beechtree Manor & 76 Governor St apartments located in Ridgefield CT. The 10-year fixed-rate loan amortizes over a 30 year schedule. Cronheim previously serviced this loan for Apollo and will continue to do so for American United Life, whom Cronheim has represented as a correspondent/servicing agent for over 25 years.
Beechtree Manor is a 43 unit elevatored building near downtown and has undergone substantial recent renovations. It was built in 1995 and was then financed by Andrew Stewart (just prior to his 1994 arrival at Cronheim) through a 221d4 HUD program construction/permanent loan. The old loan closed in 1993 at the tail end of the S&L crisis when bank construction loans were few and far between.
76 Governor Street, built in 2009, is a 16 unit elevatored apartment building with amenities that include washers and dryers and central HVAC in all units, granite kitchen countertops, a community/exercise room, community patio, and tenant storage lockers.
According to Andrew Stewart, “The developer has done an outstanding job maintaining Beechtree as a Class A property despite its age, and Governor Street is among the most charming buildings in our entire mortgage servicing portfolio.”