Cronheim Mortgage secures $13.265M refinancing for Philadelphia multi-family property
Philadelphia, PA — Cronheim Mortgage has arranged a $13.265 million loan to take out existing bridge debt for AQ Overbrook, a 128-unit, two building multi-family complex located in Philadelphia. The Sponsor, an affiliate of Aquinas Realty Partners LLC, acquired the property in June 2018 at which time it was completely vacant after St. Joseph's University terminated a long-standing master lease to use the buildings as student housing. After completing an extensive capital improvement program, the buildings were leased as market rate apartments. Cronheim secured a commitment from a local New Jersey bank to facilitate the refi. The 5-year loan provides one-year of interest only, a fixed interest rate in the 3%'s and an option to extend for 5-years of additional term.