Grand Imperial Apartments at 345 Prospect Ave. in Hackensack — Courtesy: Cronheim Mortgage
By Joshua Burd
The owner of a 74-unit apartment building in Hackensack has closed on $6 million in long-term financing for the property, in a deal arranged by Cronheim Mortgage.
According to the debt placement team, Farm Bureau Life Insurance Co. provided the loan in connection with Grand Imperial Apartments at 345 Prospect Ave. Proceeds will support a property that was built in 1970 and has floorplans ranging from studio to three bedrooms, with garage and surface parking for residents and features such as central air conditioning, in-unit washers and dryers, hardwood floors and walk-in closets.
Cronheim’s Andrew Stewart, Dev Morris and Allison Villamagna placed the loan with Farm Bureau Life, which it represents as a correspondent and servicer. The firm noted that the 15-year financing has a flexible prepayment structure, adding that the borrower locked the interest rate 120 days prior to closing.
In a news release, Cronheim added that renters at Grand Imperial Apartments are just over nine miles from the Lincoln Tunnel and six miles from the George Washington Bridge, benefiting from its easy access to Manhattan via car or mass transit. They’re also minutes from major roadways such as Interstate 80 and routes 17 and 4, while area employers include Bergen Community College, Fairleigh Dickinson University and Hackensack University Medical Center.
