Cronheim acted as mortgage correspondent and servicing agent forthe package, which was based on a 10-year term with a 25-yearamortization. The firm currently maintains correspondent and/orservicing relationships with 10 institutional investors, most ofwhich are insurance companies.

The two-story complex is located on a 19-acre parcel at 200 VailRd. in this Morris County community. Individual units are beingrenovated and upgraded as they become vacant, with approximatelytwo-thirds of all units having been renovated to date.

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