NEW YORK—Cronheim Mortgage has secured $20.6 million in acquisition financing for an eight-building, 229-unit,portfolio located in the Manhattan neighborhoods of Washington Heights and Inwood.
The funding was sourced from two banks, each which financed four buildings for $10.6 million and $10.0 million, respectively.
All properties are five-story walk-ups, ranging in size from 18 to 68 units.
"Manhattan-located rent stabilized apartments are a favored asset class in the debt world, but many lenders struggle with buildings that have high HPD violation counts and heavy commercial income," said David Turley of Cronheim Mortgage, who worked with colleague Janet Proscia to close the. "We solved this by breaking the portfolio into two halves and financing each with a different bank to reduce the concentration risk to each lender."