Outside the Region: Morris, Villamagna and Stewart of Cronheim Mortgage secure $20 million for 133-unit garden apartment development

Summit, NJ Cronheim Mortgage secured $20 million of financing for a 133-unit garden apartment development located in Union County. The loan was structured on a 20-year term with a 25 year amortization and has a fixed interest rate of 3.44%. The financing was placed with Voya Retirement Insurance and Annuity Company, on behalf of whom Cronheim acts as correspondent and servicing agent. The interest rate was locked 5.5 months prior to closing.

This loan was originated and closed by Dev Morris, Allison Villamagna, and Andrew Stewart.

The subject encompasses 16, two- and three-story brick walk-up apartment buildings with both garage and surface parking. There is a mixture of one-, two-, and three-bedroom layouts which have recently been renovated and include a washer and dryer, video intercom security entry system, hardwood floors throughout, walk-in closets, and basement storage units. There is also an onsite pool and outdoor entertainment area.

Summit is one of the most affluent towns in the state with strong demographics and top-rated schools. The property is near downtown Summit which offers restaurants, boutique shops, businesses, and other services. The downtown also has a train station which is a major commuter hub, affording passengers express service to New York’s Penn Station in 40 minutes.