Saint James Apartments at 294 South Washington Ave. in Bergenfield — Courtesy: Cronheim Mortgage
By Joshua Burd
Cronheim Mortgage has secured $11.1 million in financing for the owner of a 150-unit apartment complex in Bergenfield, the Chatham-based brokerage firm announced.
The loan for the property, Saint James Apartments at 294 South Washington Ave., has a 10-year term with a 30-year amortization, according to a news release. The lender is providing flexible prepayment terms with a step-down prepay in the first five years of the term and the ability to repay at any time with no premium after the fifth year.
Cronheim’s Allison Villamagna and Andrew Stewart arranged the financing for the 15-building complex on 4.7 acres. They noted that the garden-style property was originally built in 1962 and sits along a commuter bus route to Midtown Manhattan, with surface and garage parking, many newly renovated units and on-site laundry services.
Under the terms of the loan, the borrower may also repay up to 20 percent in any one year with no prepayment premium.
