A rendering of a 25-unit apartment project at 506 Central Ave. in Jersey City — Courtesy: Cronheim Mortgage
By Joshua Burd
A first-time multifamily builder has landed nearly $8 million in financing for a 25-unit project in The Heights section of Jersey City, under a deal arranged by Cronheim Mortgage.
A regional New Jersey bank is providing the debt for the project, which is located at 506 Central Ave., Cronheim said in a news release. Secured by Janet Proscia and David Turley, the two-year, $7.75 million construction loan is followed by a 10-year fixed rate term, while the firm added that the recourse will burn off when the project is stabilized.
Cronheim cited the challenge of securing financing for a first-time multifamily developer, but said it successfully conveyed the strength of the project and location and the sponsor’s use of an experienced construction management firm. Plans for the site also call for tenant parking and ground-floor retail space.
