RealFi Real Estate Investment Trust has announced the closing of four construction loans totaling $10,535,000 in Paterson, NJ for an experienced multi-family developer. The loan is secured by four distinct properties that are being redeveloped into a total of 82 residential units, 55 parking spaces and one retail space. RealFi REIT’s loan will be used to fund the necessary capital improvements to complete the buildings.
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(Graphic: Business Wire)
Located in Passaic County, the newly built properties will offer upgraded apartments in the area with amenities such as laundry and bike rooms, patio space, secured underground parking and onsite security systems. The sponsor has strong ties to the City of Paterson and remains heavily vested in completing these apartments along with a number of other projects they currently have under development.
RealFi – Redefining Real Estate Lending
RealFi REIT is a specialized, asset-based lender that underwrites and funds high yield, short-term mortgage loans throughout the United States in the range of $1MM – $25MM. RealFi currently has approximately $40 million of AUM across several investment vehicles and its’ principals have originated over $300 million of real estate backed loans. Our objective is to identify viable transactions with responsible and experienced borrowers, protect downside risk, and generate superior risk-adjusted returns to our investment partners.
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