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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


GlobeSt. Multifamily Fall 2023Event

Join the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.