TR Hazelrigg Of Avatar Financial Group Provides $3.7M Bridge Loan For Mixed-Use Property In Paterson

A newly built mixed-use property located at 59 Pearl Street in Paterson, NJ, features a total building size of 13,500 square feet. The property comprises 16 market-rate units and serves as a significant asset for the owner, a multifamily operator based in New Jersey.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $3,700,000
• Market: Paterson, NJ
• Lender: TR Hazelrigg - Avatar Financial Group
• Loan Type: Bridge
• Loan Terms: Two-year first-lien loan
• LTV: Approximately 64%
• Borrower: New Jersey multifamily operator with over 10,000 apartments

The loan provided by Avatar Financial Group is structured as a cash-out bridge loan, secured by a two-year first-lien. The borrower intends to utilize the proceeds to fund their next development project while actively leasing the newly constructed property.