PLAINFIELD, NJ—Cronheim Mortgage has arranged $6.7 million in permanent financing for three multifamily buildings within a four-block radius in Plainfield’s Historical Distrct. The 4.35%, seven-year bank loan amortizes over 30 years. The buildings are: Pingry Arms at 606 Crescent Avenue, a six-story, 52-unit building; Cornell Arms at 735 Park Avenue, with six levels and 62-units; and 315 West 8th Street, with 27 units and 2.5 stories.
The three buildings were acquired for $6.1 million by Plainfield Park LLC last November through the Chapter 7 liquidation of previous owner Connolly Properties, which had been accused of by tenants of neglecting the facilities and creating substandard living situations. In July 2009, Connolly Properties president and CEO David M. Connolly pled guilty to 17 municipal court summonses regarding failure to make required repairs at apartment buildings managed by the company. In December, the company filed for Chapter 11 bankruptcy, which was converted to Chapter 7 in September 2010.
"This portfolio has achieved tremendous change in a short period of time. The perception of them within Plainfield has improved with the new owners' commitment to delivering a quality product,” says Anna Westhoff of Cronheim Mortgage, in a press release. “The end result is a substantial increase in value over a short period of time."
The buildings are now being renovated, including roof work, common area upgrades, elevator work and apartment improvements.
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