News: Brokerage

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. 

READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
The art of investing in real estate - by Thomas Donovan

The art of investing in real estate - by Thomas Donovan

Real estate investing is as much an art as it is a skill. No one can time the market, or the factors that drive it, perfectly. Location, zoning, size, transportation, and neighborhood density give you a baseline for
New York’s streets are full again, and the retail numbers prove it - by Noam Aziz

New York’s streets are full again, and the retail numbers prove it - by Noam Aziz

Walk down any New York block this year and you can feel it. The sidewalks are crowded, the storefronts are lit, and the energy that defines this city is back at full volume.
Hunt CRE question and answer: Choosing a real estate agent - by David Hunt

Hunt CRE question and answer: Choosing a real estate agent - by David Hunt

First, we will only work with one agent exclusively. The primary reason is that we want that agent to legally represent our client’s interests. In New York State, a real estate agent has a fiduciary
Hunt commercial real estate question and answer: Fortune 500 wisdom - by David Hunt

Hunt commercial real estate question and answer: Fortune 500 wisdom - by David Hunt

Yes, there are lessons to be learned from the largest companies in America when comes to managing your real estate. But the decision to buy or lease real estate may not be one of