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NATIONAL FOOTPRINT

Backed by a century’s worth of knowledge and expertise, Cronheim Mortgage provides a vast array of real estate services, including debt and equity for investment grade real estate. By leveraging the strong correspondent and/or servicing relationships we have cultivated with our institutional investors, including many insurance companies, we have continuously had access to substantial debt and equity capital to invest in quality real estate at pricing well below alternative sources, especially for long-term debt. We stand out from our competitors with our strong debt servicing portfolio, currently in excess of $2,000,000,000.  Moreover, through our Channel Real Estate Funds affiliate, we have efficiently and cost-effectively provided mezzanine and equity capital for numerous real estate assets. We have placed debt/equity and serviced in 30 states, and continue to capitalize on new opportunities.

REPRESENTATIVE TRANSACTIONS

To view more of our hospitality representative transactions, please visit our hospitality branch, CRONHEIM HOTEL CAPITAL, at http://www.chccapital.com/

Cronheim Secures $6M Permanent Financing for 74-Unit Mid-Rise Apartment Building in Hackensack, NJ



Cronheim Mortgage has arranged $6M of long-term financing for the Grand Imperial Apartments, a 74-unit mid-rise apartment building located in Hackensack, NJ. Andrew Stewart, Dev Morris, and Allison Villamagna placed the loan with Farm Bureau Life Insurance Company, whom Cronheim represents as a correspondent and servicer. The 15-year financing features a flexible prepayment structure and the interest rate was locked 120 days prior to closing.

 

Built in 1970, the subject features a variety of floorplans including 3 studios, 48 one-bedroom units, 22 two-bedroom units, and 1 three-bedroom unit. The property offers ample parking for its residents including 29 covered garage spaces and 66 surface spaces. Residents enjoy several features not typically seen in a property of this vintage including central air conditioning, in-unit washer/dryers, hardwood floors, and walk-in closets.

 

The property is located along Prospect Avenue, a stretch of mid-rise multifamily buildings that comprise the bulk of the high-quality apartment inventory in Hackensack, Bergen County, NJ, a desirable NYC suburb situated just over 9 miles from the Lincoln Tunnel and 6 miles from the George Washington Bridge. Residents of Hackensack have excellent access to Manhattan and the surrounding areas via public transportation and major roadways including I-80 and New Jersey State Routes 17 and 4. Area employers include Bergen Community College, Fairleigh Dickinson University, and Hackensack University Medical Center.

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