$24.75MM PERMANENT LOAN FOR LUXURY TRANSIT-ORIENTED MULTI-FAMILY PROPERTY
100 Unit Luxury Multi-Family New Construction
5 year financing locked in the low 3’s
Cronheim Mortgage closed permanent bank financing of $24.75MM upon the completion and stabilization of the 100 unit luxury apartment building located in Elizabeth, New Jersey. The six-story building is immediately contiguous to the Elizabeth, New Jersey Transit Rail Station, and offers grade-level retail and indoor parking. The Property leased up very quickly – appealing to locals as well as people working at nearby employers such as Newark Liberty International Airport, Kean University and Merck to name a few. Many Banks were vying to finance this project, which created a great competitive environment for our client. The winning lender delivered terms that was an aggregation of some of the best terms available in the market.