Cronheim Mortgage has arranged a $32,625,000 loan and $6,000,000 preferred equity investment for the acquisition of Bayside Cove Apartments, a 127-unit, Class-A multi-family complex located in South Amboy, New Jersey.
Woodmont Properties constructed the luxury rental community in 2018. It was acquired by an un-named private investor who went under contract on the acquisition in late 2019.
Cronheim secured a commitment from a local bank shortly thereafter. The seven-year loan provides two years of interest only, a fixed interest rate at 3.375% and an LTV of 75%. The preferred equity was provided by a private investor, sourced by Cronheim.
“Despite the COVID-19 lockdown and the unknown future impact from the virus, Cronheim was able to maintain the initial debt and equity terms and closed the acquisition in late-March,” said a spokesman for Cronheim.
The complex is located within walking distance of the South Amboy Train Station, the planned South Amboy Ferry Terminal and the Raritan Bay Waterfront. It features one- and two-bedroom floor plans as well as 106 townhomes.