Cronheim Mortgage Finances Mountainview Terrace Apartments
$9,300,000 flexible prepay fixed rate in Latham, NY
Dev Morris and Andrew Stewart of Cronheim Mortgage have arranged financing totaling $9,300,000 for Mountainview Terrace apartments, located on Pollock Road, in Albany County, NY. The 10/30, fixed-rate financing was arranged for the borrower, Mountainview Terrace Apartments, LLC. Cronheim Mortgage services this loan which was structured with a flexible prepayment schedule.
According to Dev Morris, “It is rare when a financing can be structured in order to offer both a fixed rate as well as flexibility to prepay. Some of our lenders will offer this to win business in a competitive environment like we have today.” Cronheim now services loans on well over 3,000 apartments in the greater Albany area.
The Subject consists of nine, three-story garden style apartment buildings encompassing 128 units, ranging in size from 685 square feet to 1,300 square feet. There are 58 one-bedroom units, 53 two-bedroom units, 16 three-bedroom units, and 1 four-bedroom unit. The Subject’s neighborhood is bounded by Route 7 to the north, Route 155 to the south, Route 9 to the east, and Interstate 87 to the west. Proximity to these major thoroughfares provides exceptional access to the local area and the surrounding counties, known as the Capital District.