Cronheim Mortgage Finances Westgate Apartments
$3.75 million for 72 units in Lawrenceville, NJ
Lawrenceville, NJ – Dev Morris and Andrew Stewart of Cronheim Mortgage have arranged financing totaling $3.75 million for Westgate Apartments, located along Lawrenceville Road in Mercer County. The 7 year financing was structured with flexible prepayment for the borrower, Westgate Management, LLC. The loan will be serviced by Cronheim Mortgage.
Westgate Apartments, constructed in the mid-1960’s, consists of nine, two-story garden style apartment buildings encompassing 72 units. There are 36 one-bedroom units and 36 two-bedroom units, ranging in size from 775 square feet to 900 square feet. The subject is strategically positioned near Interstates 95 and 295 and U.S. Route 1, centrally located within the Greater Princeton area.