Mountain View Gardens at 468 West End Ave. in North Plainfield — Courtesy: Cronheim Mortgage
By Joshua Burd
The owner of a 43-unit garden apartment complex in North Plainfield has closed on $2.65 million in financing, according to a debt placement team with Cronheim Mortgage.
In a news release, Cronheim said it sourced the loan on behalf of Summit-based Marshall Weinerman Real Estate. An undisclosed lender provided the debt — which was structured on a 5/30 basis, with three years of interest-only payments and a flexible prepayment structure — in connection with the Mountain View Gardens complex at 468 West End Ave.
Cronheim’s Allison Villamagna and Andrew Stewart represented the borrower. In announcing the deal, they noted that the 62-year-old complex was 95 percent occupied at closing, consisting of six two-story buildings with a mix of one- and two-bedroom units.
