Cronheim Mortgage announces $19.5 million permanent loans for North Brunswick, NJ multi-family prope
NORTH BRUNSWICK, NJ — North Village Apartments is a 505-unit complex located in North Brunswick. In 2016, Cronheim Mortgage secured a loan of $4 million, with its life company correspondent, American United Life (AUL) for a single tax lot improve with 152 units. Other lenders were seeking to take a lien on the entire complex of 505-units; however, this creative solution allowed the client the degree of flexibility that was needed. Now, just a little over two years later, the balance of the complex was financed by AUL for $15.5 million. This facilitated the owner in completing their financing objectives on a non-crossed basis with two distinct 15-year self-liquidating loans. The average rate for the two loans was 3.79%; both rates being highly competitive at the time of closing as compared to market competitors. North Village Apartment Complex is situated along both sides of Cranbury Cross Rd., from its intersection with Linwood Place. It offers both one, two and duplex units. It is also immediately contiguous to North Village Shopping Center which fronts on Route 1 and anchored by Michaels and Bed Bath & Beyond, Ulta Beauty, Staples, Panera Bread, Smashburger, Chili’s and Sport Clips; the center is also home to popular grocer, Trader Joe’s.