Woodmont Liberty at Route 517 and Bilby Road in Independence Township — Courtesy: Cronheim Mortgage
By Joshua Burd
The new owner of a 120-unit luxury apartment complex in Warren County has secured nearly $28 million in acquisition financing, in a deal arranged by Cronheim Mortgage.
According to a news release, a national life insurance company provided the seven-year, nonrecourse financing with 42 months of interest only followed by a 30-year amortization schedule. The $27.917 million deal will capitalize the undisclosed buyer’s acquisition of Woodmont Liberty, which opened in 2023 at Route 517 and Bilby Road in Independence Township.
The mix of one- and two-bedroom apartments near Hackettstown includes amenities such as electric vehicle charging stations, a clubhouse, a virtual fitness studio, a heated swimming pool with a lounge terrace and private workspaces, among others.
“Understanding the client’s needs, we prioritized our life insurance relationships (and) correspondencies and thoroughly covered that segment of the market,” said David Turley, Cronheim’s chief operating officer. “Not all life companies could get comfortable with the more tertiary metro location, but we ultimately landed on a repeat relationship of ours that recognized the pristine and stable condition of the asset and was able to offer multiple years of interest only — a clear differentiator. Our client valued the certainty of execution and the ability to remove interest rate risk from the acquisition, and inked the life co deal, closing without a hiccup. We are pleased with our deliverability and the smooth transaction amidst a tumultuous period in capital markets.”
Woodmont touts full lease-up of 120-unit rental property near Hackettstown
