Cronheim Mortgage has secured permanent financing for two newly-developed luxury multifamily communities in Florida: Aviara Green and the Aviara Lake Worth. Andrew Stewart, Allison Villamagna, and Dev Morris secured the financing on behalf of subsidiaries of MAG Real Estate & Development, a full-service development and construction management company headquartered in Delray Beach, Florida. Cronheim acted as originator and loan servicer in placing the loans with Transamerica Financial Life Insurance Company.
Aviara Green is a 56-unit apartment community in West Palm Beach, Florida. Cronheim secured $10.5 million in permanent financing which was structured with a 16-year term and 34-year amortization. The property was 71% occupied at the time of closing. The Subject encompasses 2, two-story buildings offering one- and two-bedroom layouts ranging from 879 to 1,135 square feet. Spread across 3.3 acres of land located at 2157 South Haverhill Road, the Subject is designed with a focus on modern aesthetics, ample natural lighting, and functionality. Units feature stainless steel appliances, interior washer and dryer, high-end plumbing fixtures, walk-in closets, LED lighting, hurricane windows and doors, as well as balconies in every floor plan.
Aviara Lake Worth is a 36-unit townhouse complex in Lake Worth. Cronheim secured $7.1 million in permanent financing which was structured on a 15/33 basis. The Subject encompasses 36 spacious units available in three- and four-bedroom layouts ranging from 1,400 to 1,600 square feet. The subject property is located at 3900 Melaleuca Lane, within close proximity to schools, shopping, and minutes from Lake Worth’s downtown core and the famous Lake Worth pier. Residents have access to the community’s lush greenspace, 3 ponds, 2 large barbeque stations, and Gazebos with seating areas surrounded by mature oak trees. Units feature quartz countertops and vanities, soft-close premium cabinets, stainless steel appliances, Grohe plumbing fixtures, walk-in closets, electric front door locks, hurricane windows and doors, as well as 9-foot ceilings on both floors.