Bridge Loan for 63-Unit Multifamily Property in Trenton, New Jersey

Ontario Wealth Management Corporation, a direct commercial real estate lender, funded a $6,460,000 1st lien position bridge loan for the acquisition of a 63-unit multifamily property in Trenton, NJ. We funded 49.83% of the 10,500,000 purchase price, while the Borrower contributed 50.17% cash at closing. The Spanish Colonial-style building was adaptively repurposed from an iconic Cigar Factory in the mid-80s and features 63 loft-style units with 14-foot ceilings and large private terraces. The Building is tenanted at near full occupancy and has significant rent upside potential once CapEx upgrades to units and common area amenities are completed. It is approximately 65,000 square feet, ideally situated within a 5-minute drive from Downtown and proximate to major transit centers providing connectivity to multiple A-class commercial tenants. The Sponsor is an experienced New Jersey-based real estate investment and management firm whose strategy involves targeting value-add multifamily portfolio acquisitions across the United States. The Borrower plans to refinance as an exit strategy. The loan term was set at 12 months. This multifamily bridge loan was funded in November 2022.