18B — October 16 - 29, 2020 — Southeastern Pennsylvania — M id A tlantic Real Estate Journal
www.marej.com
S outheastern P ennsylvania
The 5-year loan provides one-year of interest only, a fixed interest rate in the 3%'s CronheimMortgage secures $13.265Mrefinancing for Philadelphia multi-family property P
HILADELPHIA, PA — Cronheim Mortgage has ar- ranged a $13.265 million loan to take out existing bridge debt for AQ Over- brook, a 128-unit, two build- ing multi-family complex located in Philadelphia. The Sponsor, an affiliate of Aquinas Realty Partners LLC, acquired the property in June 2018 at which time it was completely vacant after St. Joseph's University termi- nated a long-standing master lease to use the buildings as student housing. After com- pleting an extensive capital improvement program, the buildings were leased as mar- ket rate apartments. Cronheim secured a com- mitment from a local New Jersey bank to facilitate the refi. The 5-year loan provides one-year of interest only, a fixed interest rate in the 3%'s and an option to extend for 5-years of additional term. The subject property is comprised of two adjacent
AQ Overbrook
apartment buildings located in the Overbrook section of
Philadelphia. The buildings are located within walking
distance of St. Joseph's Uni- versity and the Overbrook
Train Station, with direct service to Center City. MAREJ
David Turley david.turley@cronheimmortgage.com | 973-223-2125 Andrew Stewart andrew.stewart@cronheimmortgage.com | 973-635-6800 Janet Proscia janet.proscia@cronheimmortgage.com | 973-507-9834
With a 115 year history in commercial real estate, Cronheim Mortgage provides clients thoughtful capital solutions from a unique mix of sources. Since 2016, Cronheim has closed more than $3.2 BILLION in commercial real estate financing throughout the country with a focus on the Northeast and Mid-Atlantic. Contact us to learn more about the types of capital currently available from our exclusive insurance company correspondent relationships and banking contacts.
LOCAL RELATIONSHIPS EXTENSIVE EXPERIENCE DIVERSE CAPITAL SOURCES
www. c r onhe immo r t ga ge . com
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