Cronheim Mortgage secured $3.0MM of permanent financing for Mountain View Gardens, a 43-unit apartment development located in North Plainfield, Somerset County, New Jersey. The 7-year loan amortizes over a 30-year period and has a fixed rate which was locked 5 months prior to closing. The loan was structured with an attractive prepayment schedule, giving the borrower flexibility throughout the life of the loan.
Mountain View Gardens is comprised of 6, 2-story walkup buildings including 24, 750 square foot one-bedroom units and 19, 945 square foot, two-bedroom units. Both surface and garage parking is available to residents with capacity for 72 vehicles.
The subject property is well located along Route 22 in a desirable residential community. This strategic location affords residents a high level of mobility with convenient access to commuter rail service and an extensive highway network.