Cronheim Mortgage recently secured $11.1 million in financing for the owner of a three-property, 178-unit garden apartment portfolio in Woodbridge and Englewood: Courtesy: Cronheim
By Joshua Burd
The owner of a 178-unit apartment portfolio in Middlesex and Bergen counties has secured more than $11 million in financing, in a transaction arranged by Cronheim Mortgage.
The lender, The State Life Insurance Co., is providing the debt to an undisclosed borrower for properties including Woodbrook Village and Woodbridge Apartments, both in Woodbridge, and Manor Park Apartments in Englewood, according to the Chatham-based mortgage banker. Cronheim’s Allison Villamagna and Andrew Stewart arranged the 10-year loans, which have three years of interest-only payments followed by a 30-year amortization period.
In a news release, Cronheim said Woodbridge Apartments is a 52-unit property on Rahway Avenue, while Woodbrook Village is a 65-unit complex on South Park Drive. The garden apartment communities were built in 1950 and 1947, respectively.
Meantime, Manor Park Apartments is a 61-unit garden complex on Grand Avenue, with a mix of two- and three-story buildings.
Cronheim represents State Life as a mortgage correspondent and servicing agent.