BridgeInvest Closes a $34.5 MM Acquisition Loan in Passaic, NJ

BridgeInvest is excited to announce the closing of a $34.5 million acquisition loan that is senior secured by a recently redeveloped 147-unit multifamily property located in Passaic, New Jersey. The property features units with large floorplans, modern high-quality finishes, and top-of-the-line appliances.

Transaction Highlights:

• Adaptive reuse multifamily product converted from a hospital
• Closed prior to the receipt of Certificate of Occupancy
• Ongoing environmental monitoring through the loan term
• Minimal in-place occupancy required at closing