X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PARSIPPANY, NJ-David Cronheim Mortgage Corp., based in Chatham, NJ, has secured financing totaling $7.2 million for a 214-unit garden apartment complex here. The identity of the borrower and the source of the funding were not released.

Cronheim acted as mortgage correspondent and servicing agent for the package, which was based on a 10-year term with a 25-year amortization. The firm currently maintains correspondent and/or servicing relationships with 10 institutional investors, most of which are insurance companies.

The two-story complex is located on a 19-acre parcel at 200 Vail Rd. in this Morris County community. Individual units are being renovated and upgraded as they become vacant, with approximately two-thirds of all units having been renovated to date.

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?

GlobeSt

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 © 2021 ALM Media Properties, LLC. All Rights Reserved.