Waterfront Complex Gets $58M Financing

WEST NEW YORK, NJ-David Cronheim Mortgage Corp., acting as correspondent and servicing agent, has closed a $58 million financing package for the Riverbend Apartments at Port Imperial I, II and III. The loan is interest-only with a five-year term, and was placed for Roseland/Riverbend Urban Renewal LLC and its affiliates, a joint venture between Roseland Properties of Fairfield, NJ and Prudential Real Estate Investors, Parsippany, NJ.

The three-building property is a luxury apartment complex with a total of 515 units, according to Andrew Stewart, chief operating officer for the Chatham, NJ-based Cronheim Mortgage. Amenities at the newly completed complex include a business center, fitness center, concierge service and Hudson River waterfront views.

Riverbend at Port Imperial I, II and III is located directly across the Hudson River from Manhattan’s 65th Street. The town’s entire waterfront district is part of the 200-acre master planned development called Port Imperial, which straddles this city and the adjoining town of Weehawken.

“West New York is one of the Hudson River waterfront communities that has benefited from the tremendous demand for new housing opportunities,” according to Stewart.

Cronheim Mortgage maintains correspondent and/or servicing relationships with 10 institutional investors. The firm also acts as a real estate advisor to two real estate investment trusts, Monmouth Real Estate Investment Trust Corp. and United Mobile Homes Inc.