$6.6MM – 75% LTV
ACQUISITION FINANCING FOR LUXURY MULTI-FAMILY PROPERTY
45 unit Luxury Multi-Family Acquisition Financing
5/30, non-recourse, 3.3% fixed rate Bank Financing
75% LTV and LTC
Cronheim Mortgage arranged $6.6 million of financing for the acquisition of The Aberlour, a 45 unit luxury apartment building located in Sussex County, New Jersey. The mid-rise property was constructed as a for-sale condominium building but was converted to multifamily when the condo market crashed during the Recession. It has enjoyed 100% historical occupancy for several years as the best rental apartment building in the market. The sponsor was under tight time constraints to close due to a 1031 Exchange, and the lender moved amazingly fast to meet the client’s deadline. Cronheim has developed many long-standing and strong local lender relationships that it has come to rely upon to help clients achieve their objectives.