Short-Term Bridge Loan in Passaic, NJ

Need

The Sponsor was looking for a Bridge Refinance on the property with additional proceeds to be utilized towards the conversion of the second and third floors into 20 apartment units.

Solution

Verus Commercial Real Estate Finance was able to provide a 12-month bridge loan with proceeds allocated towards the renovation of the second and third floors.

Location: Passaic, NJ
Property Type: Retail/Multifamily
Loan Type: First Mortgage
Loan Program: Short-Term Bridge Loan
Amount: $2,950,000

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