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The Cronheim Difference begins and ends with people. Every transaction, while rooted in quantitative analysis, embodies the relationships between borrowers, lenders, and ourselves that allow the real estate finance industry to flourish. Each and every loan request that passes the desk of a Cronheim employee receives the individual, personalized attention necessary to find the perfect financing package for its development. This emphasis on personal business relationships further manifests itself in our system of correspondent relationships and has become a signature trait of our firm since its inception. Our core executive team has worked together for over fifteen years, creating a cohesive and interdependent environment that facilitates producing impressive results.

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  • Andrew Stewart - LinkedIn Profile

Andrew Stewart


Mr. Stewart began his real estate career at age 19 renting apartments to help pay for college in Boston, Massachusetts. As someone who has learned the business from humble beginnings, he has gained a wealth of experience at all levels of a real estate organization. He has used this knowledge to consistently rank among America’s most productive mortgage bankers and has evolved into an owner/sponsor partnering with real estate developers in numerous projects nationwide. His investment track record has generated excellent returns due to his creative problem solving, focus on market dislocations, and the ability to evaluate a project from various viewpoints as a mortgage banker/broker, property owner, and a CMBS B piece investor.


In June 2020, ICSC tapped Andrew to assist in the ongoing Congressional negotiations to provide additional capital for COVID impacted impaired real estate owners. His most recent article, ‘A Match Not Made in Heaven, Securitization and the Commercial Mortgage Industry’ was the September 2020 feature in Institutional Real Estate Investor and was submitted by ICSC to the Federal Reserve and Treasury Secretary Mnuchin to illustrate the problems inherent in CMBS loan modifications.


A September 2006 article “Managing Expectations” correctly forecast the subprime and mortgage bond issues that impacted the market a year later.


Prior to working at Cronheim, he worked from 1987-94 at Donald Zucker Company, one of NYC’s top multifamily developers, and at Donaldson, Lufkin, & Jenrette, later acquired by Credit Suisse, from 1984 to 1986.

He is a member of the ICSC, MBA/YMBA, IOREBA, NMHC, and NAIOP.

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  • Dev Morris - LinkedIn Profile

Dev Morris


Having joined the firm in 1996, Ms. Morris has played a key role in the firm’s leadership and development, having arranged financing for numerous quality real estate projects across the country. Ms. Morris has also been integral to the firm’s growth as a servicing agent for its ten insurance companies and two investment banks. She has had direct involvement in the placement of over $1 billion in commercial debt for all property types during the past five years, including CMBS transactions, acquisitions, CTL financings, as well as new construction projects.

Although most of her time is spent in new production, she spends considerable effort training and mentoring associates, most of whom are taking a similar career path in learning the industry from the ground up.

Ms. Morris holds a Master’s of Science degree from the Real Estate Institute of New York University. She attended Drew University on a full academic scholarship, graduating magna cum laude and obtaining a dual BA in Economics and French. She is a member of the ICSC and the MBA.

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  • David Turley - LinkedIn Profile

David Turley


David joined Cronheim Mortgage in 2000 as a real estate analyst and learned the real estate finance industry from the ground up. In 2005 he moved into a business development role and quickly developed into one of the firm’s primary loan originators. David’s primary responsibilities include sourcing and structuring debt and equity capital for a wide range of real estate investor clients, business development and corporate strategy. In his tenure with the firm, David has structured and placed over $1 billion of financing transactions in 19 states using over 35 capital sources. He has experience with financing of various durations, structure and leverage, including senior debt, bridge, development/construction, CTL, mezzanine, JV equity and preferred equity. He has proficiencies across a wide spectrum of asset types including retail, office, medical office, industrial, mixed-use, manufactured housing, and multifamily.

David adds value to transactions by using his knowledge of real estate fundamentals and understanding of current market conditions to provide creative solutions to unique situations. In the process, he helps clients analyze the risks and rewards of various investment and financing strategies and provides strategic guidance.

David is a member of NAIOP, ICSC and the MBA. He also sits on the Board of Directors of Operation Exodus Inner City, a non-profit organization that offers after-school tutoring and mentoring for under-served kids in Washington Heights, Manhattan.

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  • Janet Proscia - LinkedIn Profile

Janet Proscia

Managing Director

Janet Proscia joined Cronheim in 2010. With over 30 years of experience in the Mortgage Banking Industry, she is known as one of the finest CRE executives in the region. Proscia was the first employee at James R. Poole & Co. in 1979 and instrumental in helping that company grow into one of New Jersey’s premiere financiers of commercial real estate. She later became Partner and was the COO when Poole & Co. was sold to NorthMarq Capital. By then, Poole & Co. had $1.1 billion in serviced loans for institutional investors, including TIAA, Lincoln National, Genworth, PPM and National Life of Vermont.

Proscia completed over $2.2 billion in financing transactions at NorthMarq from 2004-2009; she was quickly promoted to Senior Vice President. The New Jersey branch office has $1.7 billion in servicing for which Proscia had significant oversight responsibilities with lenders that included Aetna, Allianz, Allstate, Freddie Mac, Genworth, Hartford, ING, National Life of Vermont, Lincoln National, PPM, TIAA and UNUM. Mrs. Proscia’s responsibilities were extremely diverse given her expansive knowledge base in origination, underwriting, closing, loan servicing and operations.

She graduated from Montclair State University with a BS in Finance. Additionally, Mrs. Proscia was a member of the Board of Governors of the Mortgage Bankers Association of New Jersey, served as Chairperson and Vice Chair of the Income Property Investment Committee, Chair and Vice Chair of Environmental Issues Committee, Chair and Vice Chair of Public Relations Committee and is Co-Chair of the Community Action Committee of NAIOPNJ.

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  • Lisa McMahon - LinkedIn Profile

Lisa McMahon

Vice President

Lisa joined Cronheim in 2003. Since joining the firm, Ms. McMahon has had direct involvement in the underwriting, placement, and execution of more than $2 billion in debt. She has also handled construction loan disbursements and other structured financings. Ms. McMahon manages Cronheim’s loan servicing portfolio and oversees all its banking, accounting and lender reporting functions. She has developed several of the templates used by the firm in property level, internal rate of return and yield-to-maturity analysis.

Lisa graduated from Wittenberg University magna cum laude with a B.A. in Mathematics with minors in Management and Computer Science. She was also accepted into Phi Beta Kappa.

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  • Jeff Pacailler - LinkedIn Profile

Jeff Pacailler


Jeffrey has helped to develop Cronheim Mortgage into on of the premier national finance platforms in the industry. In his tenure, he’s underwritten and placed financing on commercial properties throughout the country with a wide variety of capital sources – from bridge lenders and banks to CMBS and insurance companies. Jeff’s attention to detail, knowledge of real estate operations and proactive approach to solving problems helps to ensure a smooth transaction and a successful outcome.


Jeffrey graduated from the College of New Jersey with a B.S. in Business Administration and a specialization in Finance. He currently lives in Morristown, NJ.

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  • Allison Villamagna - LinkedIn Profile

Allison Villamagna


Allison Villamagna joined Cronheim Mortgage in 2012, shortly after graduating with distinction from the Smeal College of Business at The Pennsylvania State University. She holds a B.S. in Finance with a concentration in Real Estate. She has modeled and closed commercial real estate debt and equity investments across all asset types throughout the US. Debt structures have included permanent, bridge, and construction financings, which have been placed with a variety of capital sources including life insurance companies, CMBS lenders, banks, debt funds, and credit unions.


Allison is an integral part of the team, making decisions on the firm’s equity investment business and handles the asset management function in many of the firm’s principal positions. Insurance companies and other institutions the firm services loans for rely on her due diligence and asset management capabilities.


Allison is an active member of ICSC (Innovating Commerce Serving Communities, formerly International Council of Shopping Centers) and NMHC (National Multifamily Housing Council).

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  • David Poncia - LinkedIn Profile

David Poncia


David joined Cronheim in 2017 from a prior career in investment banking where he worked on sell side M&A engagements and various equity offerings with Needham & Company in Boston. Since joining Cronheim, David has assisted in growing the firm’s self storage and hospitality finance platforms, in addition to executing transactions across all asset classes nationally. He has created several banking relationships allowing Cronheim to place capital and bank clients in new markets.

David graduated from Boston College’s Carroll School of Management with a concentration in finance and  accounting. He currently lives in Hoboken, New Jersey, and is an avid golfer. David is a member of NJAA.

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