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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.

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