Mid Atlantic Real Estate Journal — February 14 - 27, 2014 — 15A


F inAnciAl d igest

For Westgate Apartments in Mercer County Cronheim Mortgage arranges $3.75m financing


AWRENCEVILLE , NJ — Dev Morris and Andrew Stewart of

Cronheim Mortgage have arranged financing totaling $3.75 million for Westgate Apartments, located along Lawrenceville Rd. in Mercer County. The 7 year financing was structured with flexible prepayment for the borrower, Westgate Management, LLC. The loan will be serviced by Cronheim Mortgage. West- gate Apartments, constructed in the mid-1960’s, consists of nine, two-story garden style apartment buildings encom- passing 72 units. There are 36 one-bedroom units and 36 two-bedroom units, ranging in size from 775 s/f to 900 s/f. The subject is strategically positioned near Interstates 95 and 295 and U.S. Route 1, centrally located within the Greater Princeton area. n JERSEY CITY, NJ — Cap- Rate events is pleased to announce that real estate Founder & CEO of Procida Funding to serve as panelist lar commercial real estate and economic development forum. Procida is founder & CEO of Procida Funding & Advi- sors, LLC and Fund Man- ager for the 100 Mile Fund. Since 1995, he has completed several billion dollars in proj- ects as financier, developer, builder and restructuring advisor. In addition, to being a media commentator, with fre- quent appearances on CNBC and Fox Business, Procida has received the New York City “Developer of the Year Award” and National Associa- tion of Home Builders “Pillar of the IndustryAward.” He has lectured on business and real estate and has also authored over 50 articles on the subject of real estate development, finance and the economy. The summit will be held on March 5th at Maritime Parc in Jersey City. n Billy Procida veteran Wil- liam “Billy” Procida will be a panelist at the Sec- ond Annual Gold Coast Investment Summit, the regions popu-

Westgate Apartments

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