Cronheim arranged $5.0 million in financing for Palisade Gardens, a 168-unit apartment complex located in Fort Lee, New Jersey. The loan was structured on a 10 year self-liquidating basis and was placed with American United Life Insurance Company, whom Cronheim represents as correspondent and servicing agent.
The Subject was constructed in the 1950's and is comprised of 9, 2-story brick walk-up buildings. Units range in size from 415 square feet to 740 square feet and are available in studio, 1-, and 2-bedroom layouts. The community features on-site laundry facilities, surface and covered garage parking.
Situated just minutes from downtown Fort Lee, residents are within walking distance of a variety of shopping, dining, and entertainment options. The property has an excellent location in Bergen County, just one-mile from the George Washington Bridge, providing access over the Hudson River and into Upper Manhattan.