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CRONHEIM ARRANGES $14.5M FOR THREE NEW JERSEY PROPERTIES

EWING, NEWARK AND HACKETTSTOWN, N.J. — Cronheim Mortgage has arranged $14.5 million in refinancing for 185 units in northern and central New Jersey in three separate transactions. The company secured $5.4 million in financing for a 97-unit multifamily property in Ewing, a northern suburb of Trenton. The loan includes a 3.75 percent fixed interest rate. Cronheim arranged a $6.7 million loan for 36 units and 13,167 square feet of commercial space in Newark. Approximately $1.5 million was secured for the 52-unit North Morris Apartments in Hackettstown, a city in northern New Jersey. The 10-year, non-recourse loan includes a 2.99 percent interest rate, which increases to 3.99 percent in the sixth year. Janet Proscia and David Turley of Cronheim Mortgage arranged the loans.

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