P3 Properties Secures $45.9 Million Loan From Prime Finance For Multifamily Acquisition In Passaic

The property asset involved in this transaction is a multifamily building located at 211 Pennington Avenue, Passaic, NJ. The total square footage of the asset is 142,272, which encompasses 147 units. The loan amount secured for this acquisition and value-add project is $45,900,000, with a full term interest-only loan structure.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $45,900,000
• Loan Type: Acquisition + Value Add
• Loan Terms: Full Term I/O
• Lender: Prime Finance
• Landlord: P3 Properties
• Landlord's Representative: Brad Domenico, John Alascio, Chuck Kohaut, Frank Stanislaski, Jack Subers & Ethan Thompson - Cushman & Wakefield

The key individuals involved in this transaction include the lender, Prime Finance, and the landlord, P3 Properties. The landlord's representatives from Cushman & Wakefield play a critical role in facilitating the deal, with multiple professionals contributing to the transaction process.