Cronheim Mortgage Arranges $5M Loan for 168-Unit Apartment Complex in Fort Lee, New Jersey
FORT LEE, N.J. — Cronheim Mortgage has arranged $5 million in financing for Palisade Gardens, an apartment complex located in Fort Lee. Provided by American United Life Insurance Co., the loan was structured on a 10-year self-liquidating basis. Constructed in the 1950s, Palisade Gardens comprises nine two-story brick buildings featuring a total of 168 units in a mix of studio, one- and two-bedroom layouts, ranging in size from 415 square feet to 740 square feet. On-site community amenities include laundry facilities and surface and covered garage parking. Dev Morris, Allison Villamagna and Andrew Stewart of Cronheim Mortgage arranged the financing for the undisclosed borrower.