Cronheim finances 43-unit garden apartment community

North Plainfield, NJ Cronheim Mortgage has arranged $2.65M for a 43 unit garden apartment community. Allison Villamagna and Andrew Stewart secured the financing on behalf of Marshall Weinerman Real Estate, a New Jersey-based real estate company specializing in acquisitions, development and property management for hotels, shopping centers, and apartments in New York, New Jersey, and Pennsylvania. The loan was structured on a 5/30 basis and features 3 years of interest only payments and a flexible prepayment structure.

Built in 1963, the complex consists of six (6) two-story buildings containing a total of 43 units, including 24 one-bedroom and 19 two-bedrooms, including one (1) two-bedroom basement apartment; all units contain one (1) bathroom. Three of the buildings are situated over full, unfinished basements, with the balance of the buildings situated over individual garage units. In total, there are 18 garages. The property is well-maintained and was 95% occupied at closing.