Apartments Get Just Under $16M Financing

SOUTH BRUNSWICK, NJ-Cronheim Mortgage arranged the package for owner Dayton Center Associates. The funding is secured by the 224-unit East Gardens.

By Eric Peterson | January 27, 2004 at 01:01 AM

Andrew Stewart of David Cronheim Mortgage Corp., based in Chatham, NJ, arranged the package for the owner of the property, Dayton Center Associates LLC, a local group. The loan was based on a 10-year term and a 25-year amortization, and Cronheim acted as mortgage correspondent and servicing agent for the borrower.

Built in 1986, the garden-style complex consists of 16 buildings on a 20-acre site. East Gardens contains a total of 156 one-bedroom and 68 two-bedroom units.

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