ATLANTIC CITY-Wessex Management, which has a stable of residential rental properties in New Jersey and Texas, is the controlling party in an entity that has obtained acquisition and permanent financing of $3.2 million for Annapolis Gardens in this city’s Chelsea-Heights section. The package carries a 10-year term and a 30-year amortization schedule. The lender was not disclosed.

Andrew Stewart of David Cronheim Mortgage Corp., Chatham, NJ secured the financing for Wessex, which has been a borrower in Cronheim’s servicing portfolio for the past five years. The loan closed in under 45 days and represents 80% of the asset’s acquisition price.

Annapolis Gardens is a two-story brick complex built in 1975. Its 95 units are configured in six buildings. The neighborhood is within walking distance of Atlantic City’s casinos.

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