$6.5M loan closed.
The Community Preservation Corporation (CPC (1) (Central Processing Complex) An IBM mainframe that has two or more central processors (CPs) that share memory. It is the collection of processors, memory and I/O subsystems manufactured with a single serial number, typically all contained in one cabinet. ) closed a $6.5 million
refinance and renovation loan for First Montgomery Group, the owner of
Chestnut Lane Apartments, a 285-unit, 17-building, multi-family complex
located in Deptford Township, N.J.
The loan is fixed for the first 10 years and thereafter, has
five-year adjustments out 30 years.
The loan will fund approximately $500,000 of renovations, roof and
gutter repairs, as well as landscape improvements and a new parking lot.
Located in Gloucester County Gloucester County is the name of several counties in the United States: - Gloucester County, New Jersey
- Gloucester County, Virginia
In Canada: - Gloucester County, New Brunswick
, the Chestnut Lane Apartments are
conveniently situated in close proximity to I-295, I-76, the New Jersey
Turnpike - This article is about the 19th century turnpike. For the modern freeway, see New Jersey Turnpike.
The Jersey Turnpike was a turnpike in New Jersey, running west-northwest from New Brunswick to Phillipsburg. and the Atlantic City Expressway The Atlantic City Expressway (officially numbered, but unsigned, as Route 446) is a controlled-access toll road in New Jersey, managed and operated by the South Jersey Transportation Authority. . Philadelphia is just 30
minutes driving distance from the apartments and the Deptford Mall The Deptford Mall is a major shopping destination in Deptford Township, Gloucester County, New Jersey, United States. It is the seventh largest mall in the state of New Jersey and the second largest in the state's South Jersey region. and
numerous retail centers are also nearby.
"We are pleased to have assisted First Montgomery Group in
this loan transaction. CPC's dedication to providing financing for
moderate income housing in areas such, as Deptford Township is reflected
in this loan," stated Justin Peyser, vice president and director,
CPC.
COPYRIGHT 2002 Hagedorn Publication
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2002, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.
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