Cronheim arranges $10 million in financing for 91-unit Rosewood Apartments

North Haven, CT Cronheim Mortgage has arranged $10 million in permanent financing for Rosewood Apartments, a 91-unit multifamily property. Dev Morris and Andrew Stewart secured the financing on behalf of Franklin Communities. The five-year loan, which features an attractive interest rate and a 30-year amortization, was placed with one of Cronheim’s life insurance company correspondent relationships.

Rosewood Apartments features a mix of one-, two-, and three-bedroom units across 11 buildings. Each residence includes an attached one-car garage, private patio, and in-unit washer/dryer. Residents will have access to attractive community amenities, including a swimming pool, clubhouse, and an organic community garden. The subject was 100% leased at closing.

The town is located near I-91 and the Merritt Pkwy., providing connectivity to Hartford, Stamford, and New York City. The community is strategically positioned near major academic anchors Yale University, Quinnipiac University, and Southern Connecticut State University, which support steady demand from faculty, graduate students, and university staff. In addition, proximity to medical institutions, including Yale New Haven Hospital, contributes to durable renter demand from healthcare professionals.

Morris said, “We were pleased to help our client get the best possible execution for this refinancing, with the ideal combination of rate and term, along with their desire for prepayment flexibility.” This is the fourth property Cronheim has financed on behalf of Franklin Communities with one of its insurance company correspondents.