NEW JERSEY—Cronheim Mortgage’s David Turley and Janet Proscia have arranged permanent mortgage financing for a portfolio of three multifamily properties located in Hackensack and Bogota, N.J. The 10-year, fixed-rate, non-recourse loans were placed at 3.75 percent.
Taken together, the garden and mid-rise properties contain 87 units. The properties were acquired by the current owner in two separate transactions in 2007 and 2008.
"We help clients take advantage of market inefficiencies and opportunities,” said Turley. “In this case, one of our close lender friends contacted us with an allocation of attractively priced, 10-year money that needed to be placed immediately. We quickly identified a client with a matching financing need and married the parties to create a win-win scenario."