Columbia Bank Provides $10,200,000 Loan For Valley View Apartments Acquisition In Paterson

Valley View Apartments is a multifamily asset located at 149 Katz Avenue in Paterson, comprising 100 units. The acquisition financing for this property amounted to $10,200,000. The loan features a 5-year fixed rate with 2 years of interest-only payments, a loan-to-value ratio of 75%, and a prepayment structure of 5%, 4%, 1%, 1%, 1%.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $10,200,000
• Loan Type: Acquisition
• Lender: Columbia Bank
• Brokerage Firm: Raven Property Advisors
• Loan Terms: 5 YR Fixed, 2 YRS IO, LTV 75%, Prepayment 5%, 4%, 1%, 1%, 1%

Jared Sobel, Mike Alexander, Ben Daniels, and Scott Kummings from Raven Property Advisors represented the financing arrangement. They successfully engaged over 20 lenders, receiving more than 10 competitive bids. The focus was directed toward having the relationship lender underwrite based on the sponsor's broader portfolio performance, despite historical performance discrepancies at the asset.