Proscia and Turley of Cronheim Mortgage secure $14.5 million in financing

Janet Proscia and David Turley of Cronheim Mortgage secured a total of $14.5 million in bank financing on 185-units in northern and central New Jersey in three separate transactions. These were $5.4 million for 97-units in Ewing; $6.7 million for 36-units plus 13,167 sf of commercial space in Newark; and $1.5 million for 52-units in Hackettstown. The $5.4 million 10/30 in Ewing carried a 3.75% interest rate at a 75% LTV. Turley said, "This lender had originally financed the acquisition of the property and we were successful in securing a cash-out refi for ownership in just a year and a half." In the Ironbound Section of Newark, the multifamily over day care center building was completed just two years ago and is attractive and fully leased. Proscia said, "The owners rolled from construction loan into a mini-perm at an uncompetitive rate. We went to market and secured a favorable financing which has dramatically improved the cash flow for ownership. In addition, they were able to cash out some of the trapped equity for their next project. This was a win-win!" North Morris Apartments in Hackettstown was the beneficiary of a 10-year refinance with one of northern New Jersey's banks who offered a 30-year amortization with a going in rate of just 2.99% for 5-years and increasing in the sixth year to 3.99%. While this was just $1.5 million loan request, Cronheim was able to source a very competitive, non-recourse transaction for the client. Proscia said, "All three of these deals were done with different New Jersey banks. The New Jersey banks are an excellent alternative to the agencies for aggressive pricing, solid leverage and uncomplicated execution. We are proud of our long standing relationships that allow us to execute deals for our clients in this space."