Cronheim Mortgage has secured 15-year financing for Rosemar Properties LLC, the owner of a 460-unit apartment portfolio including Gatehouse Apartments and Cooperstown Apartments in Beverly and Arbors on Main and Berkshires II in Vineland. — Courtesy: Cronheim
By Joshua Burd
An apartment owner has landed financing for a 460-unit portfolio in Cumberland and Burlington counties, according to a debt placement team with Cronheim Mortgage.
The landlord, Rosemar Properties LLC, is borrowing an undisclosed amount in connection with the four properties, which include Gatehouse Apartments and Cooperstown Apartments in Beverly and Arbors on Main and Berkshires II in Vineland. Cronheim noted that the 15-year, fixed-rate loan amortizes over a 30-year term and was locked at 2.93 percent.
“Rosemar bought these properties 23 years ago when they were mismanaged and in need of repair,” Cronheim’s Andrew Stewart said. “They have greatly improved management, renovated all the properties and achieved consistently high occupancy and revenue growth over the years.”
Stewart completed the assignment alongside Allison Villamagna, also of the Chatham-based firm. They did not identify the lender.
In a news release, Cronheim said Gatehouse Apartments is located on Woodland Road in Beverly and includes 140 one- and two-bedroom apartments. It is a mile from Cooperstown Apartments, which is located on Cooper Street and features 88 units, boasting a location near Route 130, Interstate 295 and the New Jersey and Pennsylvania turnpikes.
Meantime, Arbors on Main features 157 one- and two-bedroom apartments. The second Vineland property, Berkshires II, is made up of 75 apartments and townhouses, Cronheim said, noting that both complexes are accessible from routes 47 and 55 and close to major employers, shopping centers and area colleges.
