Blue Foundry Bank Provides $17 Million Refinance Loan For Skyline Square Multifamily In Paterson

The asset involved in this transaction is a multifamily property located in Paterson, encompassing a total square footage of 63,281. A permanent loan of $17,000,000 was secured to refinance the existing construction loan of Skyline Square, aimed at fostering long-term stability for the asset.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $17,000,000
• Lender: Blue Foundry Bank
• Loan Type: Refinance
• Loan Terms: 10 Years
• Landlord's Representative: Mohammad Hadla - Signature Capital Associates

The refinancing was facilitated by Signature Capital Associates, an owner advisory firm that specializes in securing financing solutions tailored to specific investments. The firm is noted for its strategic consultation services that guide landlords and investors through various stages of the capital stack, as well as providing assistance in navigating complex market and zoning landscapes.