Chetrits turn former hospital site in Passaic into $44M sale

May 17, 2024

The Chetrit Group sold a 158-unit multifamily property in the Jersey suburb after facing a lawsuit from its lender who alleged the family firm defaulted on its loan.

The former site of St. Mary’s hospital, known as The Pennington, was bought by The Birch Group for $43.5 million, according to sources familiar with the deal.

Henry Bodek of Galaxy Capital brokered the sale.

Birch Group secured a $35 million loan from BridgeInvest to acquire the property.

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