By Joshua Burd
The owner of a 129-unit apartment portfolio in Union and Essex counties has landed more than $10 million in financing, in a newly completed transaction by Cronheim Mortgage.
According to the debt placement team, The State Life Insurance Co. is providing the $10.35 million loan for a portfolio that includes Berkshire Gardens Apartments in Summit, Gordonhurst Village in Upper Montclair and Wood Arms Apartments in Linden. The lender, for which Cronheim serves as correspondent and servicing agent, allowed the borrower to lock in rates five months prior to funding in order to pay off its existing loans.
Cronheim’s Allison Villamagna and Andrew Stewart arranged the financing.
The Summit property, located at 96 New England Ave., includes 22 two-bedroom townhomes across three two-story buildings. Meantime, Gordonhurst Village consists of 65 garden apartments at 160 Gordonhurst Ave., which is home to nine three-story buildings with one-, two- and three-bedroom layouts.
Wood Arms Apartments, located at 30 East Elm St. in Linden, is a five-story elevator building with 42 one- and two-bedroom units, Cronheim said. The property is located in the city’s downtown, providing both highway and mass transit connectivity.
