Cronheim Arranges Mortgages for Nearly $49M

Among the transactions, Cronheim secured acquisition financing for two multifamily properties--$15 million for the Hidden Creek apartment complex in Berkeley, NJ, and $22.8 million for Seaview Estates in Staten Island, NY. The latter is a 316-unit complex in Staten Island's St. George's area, directly across New York harbor from Lower Manhattan. Hidden Creek, meanwhile, encompasses 236 new two-bedroom units.

Cronheim also arranged financing of $1.8 million for the Stanley Building in Philadelphia, a five-year, 33,000-sf office building. The loan is for a 20-year term and carries a 25-year amortization schedule.

In Wethersfield, CT, meanwhile, the firm arranged financing of $3.9 million for the acquisition of 1210 and 1260 Silas Deane Highway, a 44,195-sf complex. The identity of the owner was not disclosed. The building is tenanted by Churches & Novack, a law firm, and by a total of seven medical tenants affiliated with the Hartford Hospital, the largest medical center in Connecticut.

Finally, Cronheim arranged financing for two retail centers: $4.74 million for Heritage Place in Flemington, NJ, a 49,115-sf, three-building complex; and $650,000 for the 13,075-sf Larkfield Center in East Northport, NY, on Long Island. On the Heritage Place transaction, Cronheim was able to close the loan for the unnamed owner even though about one-quarter of the building area was vacant at the time of closing.

David Cronheim Mortgage Corp. and its affiliate companies maintain correspondent and/or servicing relationships with 10 institutional investors, mostly insurance companies. The firm also acts as a real estate advisor to two REITs, Monmouth Real Estate Investment Trust Corp. and United Mobile Homes, Inc. the company has satellite offices in Fairfield and Ridgefield, CT and an affiliate office in New York City.