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MORRISTOWN, NJ-David Cronheim Mortgage, based in Chatham, NJ, has secured financing of $7 million for the Lindsley Arms Apartments complex here. The beneficiary of the funding is Deera Management Group LP, which has owned and managed the complex since acquiring it in 1984.

The subject property is a 180-unit, two- and three-story garden apartment complex. Situated on a 10-acre hillside location near this city’s downtown and I-287, Lindsley Arms Apartments was completed in 1962.

Cronheim Mortgage acted as mortgage advisor and servicing correspondent for the transaction, which has a 10-year term and 30-year amortization. The firm maintains correspondent and/or servicing relationships with 10 institutional investors, mostly insurance companies, and currently services more than $1 billion of debt.

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