22-Property NJ Workforce Portfolio Refinanced for $38M
Benmark Capital recently closed on a $38-million loan to refinance a 22-building workforce housing portfolio in Paterson, NJ. The financing was secured by Ania Management, led by Founder and CEO Charles Florio. The transaction was arranged by Marc Waldman of Kentmoore Capital.
Comprising 203 residential units and six commercial units across 22 multifamily and mixed-use buildings, the workforce housing portfolio is approximately 99% occupied. The financing package was provided to support the sponsor’s refinancing strategy and position the asset for future agency financing. The transaction spanned 22 separate buildings to be coordinated and completed simultaneously.
“The Paterson Portfolio was a time-sensitive, highly structured financing that demanded precision and certainty of execution,” said Mark Simon, CEO of Benmark Capital. “Charles Florio and the Ania Management team are best-in-class operators and a trusted repeat borrower, and we were proud to once again deliver a customized capital solution tailored to both their immediate objectives and long-term strategy.”
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout