The subject property is a 180-unit, two- and three-story garden apartment complex. Situated on a 10-acre hillside location near this city's downtown and I-287, Lindsley Arms Apartments was completed in 1962.
Cronheim Mortgage acted as mortgage advisor and servicing correspondent for the transaction, which has a 10-year term and 30-year amortization. The firm maintains correspondent and/or servicing relationships with 10 institutional investors, mostly insurance companies, and currently services more than $1 billion of debt.
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