Peapack Gladstone Bank Provides $6.6M Line Of Credit For Multifamily Project On Walnut Street

The development of a 30-unit multifamily project located at 4413-17 Walnut Street in Philadelphia, PA has been financed through a 3-year loan. The loan amount provided by Peapack Gladstone Bank totals $6,600,000 and is in the form of a Line of Credit. The terms of the loan include interest-only payments for the entire duration of the term.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $6,600,000
• Lender: Peapack Gladstone Bank
• Landlord: New Horizons Housing
• Broker: Emil DePasquale - Black Bear Capital Partners

Emil DePasquale of Black Bear Capital Partners represented the involved parties in this transaction.