Cronheim acted as mortgage correspondent and servicing agent for the package, which was based on a 10-year term with a 25-year amortization. The firm currently maintains correspondent and/or servicing relationships with 10 institutional investors, most of which are insurance companies.
The two-story complex is located on a 19-acre parcel at 200 Vail Rd. in this Morris County community. Individual units are being renovated and upgraded as they become vacant, with approximately two-thirds of all units having been renovated to date.
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