Fadi Samaan Secures $23.5 Million Loan From Jonathan Pomper & Noah Greenwald For Multifamily Property

The property involved in the transaction is the 104-unit Station at Passaic Phase II multifamily community, located at 99 Passaic Street in Passaic, NJ. The asset is part of a larger development initiative that includes an adjacent Phase I property. The loan amount secured for refinancing is $23.5 million, which is backed by HUD financing.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $23,500,000
• Address: 99 Passaic Street
• Market: Passaic, NJ
• Units: 104
• Lender: Jonathan Pomper & Noah Greenwald - Dwight Capital
• Landlord: Fadi Samaan

The refinancing deal was facilitated by developers Jonathan Pomper and Noah Greenwald, who represent Dwight Capital. This transaction comes nearly a year after they provided a $27.7 million HUD-backed loan for the adjacent Phase I property. The refinancing aims to retire existing debt, fund future capital improvements, and return equity following the completion and lease-up of the property.