LATHAM, NY - Dev Morris and Andrew Stewart of Cronheim Mortgage have arranged financing totaling $9,300,000 for Mountainview Terrace apartments, located on Pollock Road, in Albany County, NY. The 10/30, fixed-rate financing was arranged for the borrower, Mountainview Terrace Apartments, LLC. Cronheim Mortgage services this loan which was structured with a flexible prepayment schedule.
According to Dev Morris, "It is rare when a financing can be structured in order to offer both a fixed rate as well as flexibility to prepay. Some of our lenders will offer this to win business in a competitive environment like we have today." Cronheim now services loans on well over 3,000 apartments in the greater Albany area.
The Subject consists of nine, three-story garden style apartment buildings encompassing 128 units, ranging in size from 685 square feet to 1,300 square feet. There are 58 one-bedroom units, 53 two-bedroom units, 16 three-bedroom units, and 1 four-bedroom unit. The Subject's neighborhood is bounded by Route 7 to the north, Route 155 to the south, Route 9 to the east, and Interstate 87 to the west. Proximity to these major thoroughfares provides exceptional access to the local area and the surrounding counties, known as the Capital District.
Founded in 1897, David Cronheim Mortgage Corporation and its affiliate companies located in Chatham, NJ provide an array of real estate services including debt and equity for investment grade real estate. Through their Channel Real Estate Funds affiliate they have provided mezzanine and equity capital for numerous real estate projects in an efficient and cost effective manner. Cronheim Mortgage maintains correspondent and/or servicing relationships with 12 institutional investors, mostly insurance companies, and currently services $2.0 billion of debt. The company and its insurance company correspondents have substantial debt and equity capital to invest in quality real estate at pricing below alternative sources, especially for long-term debt.