Multi Family Acquisition Debt

Park 49 provided acquisition financing for a 16 unit multi family property in Newark, New Jersey. The borrower is a previous client who has financed several of his properties though the firm.

Property Details

The property is a 6 story building with 18,000 plus square feet of living space. He will renovate the exterior of the property and all common areas along with each unit receiving a full gut renovation and new appliances.

Loan Details

The borrower was in the process of obtaining a traditional loan but wasn’t able to complete the loan process with his bank within 30 days. Park 49 was able to underwrite the deal in less than 15 days and funded the deal in time to meet the client’s closing date.

Our goal is to provide our commercial real estate clients with alternative financing solutions to address their specific needs. If you have a financing inquiry, feel free to reach out to see how we might be able to assist.