Cronheim Mortgage has secured $4.1 million in permanent financing for Vineland Apartments, a 104-unit garden-style apartment community in Vineland, NJ. Andrew Stewart, Dev Morris, and Allison Villamagna secured the financing on behalf of Marshall Weinerman Real Estate, a New Jersey-based real estate company specializing in acquisitions, development and property management for hotels, shopping centers, and apartments in New York, New Jersey, and Pennsylvania. The loan was structured on a 10/25 basis and placed with one of Cronheim’s correspondent relationships.
The Subject encompasses 7 two-story buildings offering one-, and two-bedroom layouts ranging from 680 to 868 square feet. Amenities include on-site laundry facilities, central AC, in-unit washer/dryer combos, and a balcony or patio.
The property is well located within close proximity to Route 47 & Route 55 which provide access to Philadelphia, just 35 miles north. The Subject is also convenient to major area employers, shopping centers, area colleges, and Jersey Shore beaches including Atlantic City.