Cronheim Mortgage Arranges $11.1M Loan For Multifamily Property In Bergenfield, NJ

294 S Washington Ave, a multifamily asset located in Bergenfield, NJ, was recently involved in a closed transaction. The property consists of 150 units spread across a spacious 4.7-acre lot. This transaction was facilitated by brokers Allison Villamagna and Andrew Stewart from Cronheim Mortgage.

Summary of transation details

• Property Type: Multifamily
• Loan Amount: $11,100,000
• Loan Terms: The financing for this transaction was structured as a 10-year loan with a 30-year amortization schedule. The loan offers flexible prepayment terms, including a step-down prepayment option in the first five years and no prepayment premium after the fifth year. Additionally, up to 20% of the loan can be repaid in any given year without incurring a prepayment penalty.
• Units: 150
• Acres: 4.7

Allison Villamagna and Andrew Stewart from Cronheim Mortgage played crucial roles in this transaction as the representatives for the buyers and sellers, ensuring smooth negotiations and facilitating the financing process.