BridgeInvest Closes a $34.5 MM Acquisition Loan in Passaic, NJ
1st Priority Mortgage Loan
Loan Amount
$34,500,000
Property Type
Multifamily
Location
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
