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.
