Cronheim Secures $8.5MM for 328-unit NY Garden Apartment Complex
10 year financing at 3.10%
Dev Morris and Andrew Stewart have arranged financing totaling $8.5 million for a Monsey, NY garden apartment complex. The 10-year loan has an interest rate of 3.10% and was placed with Voya Insurance and Annuity Company, whom Cronheim represents as correspondent and servicer.
The Subject is located at 69-P Edison Court and was constructed in 1973. It encompasses 13 buildings and 328 apartment units available in one-, two-, and three-bedroom layouts. Each apartment contains hardwood floors, air conditioning, large walk-in closets, and a patio, deck, or balcony.
According to Andrew Stewart, “When it comes to apartments, Voya, as well as our other insurance company correspondents, are some of the best sources for long-term fixed-rate financing. We can lock rate quickly and close without red tape.”
The subject property is located off of State Route 306 in Monsey, Rockland County, New York, a hamlet of the town of Ramapo. The south town line is the border of New Jersey, and the west town line is the border of Orange County. The property is conveniently located near the New York State Thruway and Interstate 287, two heavily travelled highways, as well as State Route 17 and the Palisades Interstate Parkway. Located in one of New York’s steadily increasing multifamily submarkets, the Hudson Valley market in the southeast quadrant of New York, the subject is less than 40 miles north of New York City.