Cronheim Mortgage Arranges $32M Acquisition Loan for Multifamily Complex in South Amboy, New Jersey
SOUTH AMBOY, N.J. — Cronheim Mortgage has arranged a $32 acquisition loan for Bayside Cove Apartments, a 127-unit Class A multifamily complex in South Amboy, a southwestern suburb of New York City. The borrower was an undisclosed private investor. A local bank provided the seven-year loan, which carries two years of interest-only payments and a fixed interest rate of 3.3 percent. Located at 100 Celecki Drive, the complex was constructed in 2018 and features one- and two-bedroom floor plans.