Cronheim Mortgage secures $27.917 million for the acquisition of Woodmont Liberty apartments

Hackettstown, NJ Cronheim Mortgage (“Cronheim”) has secured $27.917 million from a national life insurance company to capitalize the acquisition of Woodmont Liberty, a 120-unit, Class-A multifamily asset. The seven-year, non-recourse financing attractively features 42 months of interest only followed by a 30-year amortization schedule. The sponsor was able to lock rate at application, a valuable facet in today’s marketplace. 

Completed in 2023, the property offers one- and two-bedroom apartments, some with optional dens and vaulted ceilings. The larger complex includes a range of amenities, including elevators, EV charging stations, a clubhouse, game den, virtual fitness studio, heated swimming pool with lounge terrace, private workspaces, tech hubs and a kid-friendly playground.

David Turley, COO of Cronheim, said, “Understanding the client’s needs, we prioritized our life insurance relationships / correspondencies and thoroughly covered that segment of the market. Not all life co’s could get comfortable with the more tertiary metro location, but we ultimately landed on a repeat relationship of ours that recognized the pristine and stable condition of the Asset, and was able to offer multiple years of interest only – a clear differentiator. Our client valued the certainty of execution and the ability to remove interest rate risk from the acquisition, and inked the life co deal, closing without a hiccup. We are pleased with our deliverability and the smooth transaction amidst a tumultuous period in capital markets.”