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Dwight Capital provides $23.5M HUD-backed refi for Passaic Phase II
The refinance will retire existing debt and fund a replacement reserve for future capital improvements at the 104-unit Station at Passaic Phase II.
New Jersey developer Fadi Samaan secured $23.5 million in U.S. Department of Housing and Urban Development (HUD)-backed financing to refinance a multifamily property in Passaic, according to Commercial Observer.
Dwight Capital supplied the HUD 223(f) loan for the 104-unit Station at Passaic Phase II development, which was completed in 2024. The proceeds will be used to retire existing debt, establish a replacement reserve account for future capital improvements, and return equity built up during construction and lease-up.
The transaction also follows an earlier HUD 223(f) loan executed by a private lender for the adjacent 104-unit Station at Passaic Phase I property, a $27.7 million deal that closed in August 2025, nearly a year before the Phase II refinancing.
Located at 99 Passaic Street, about 14 miles west of Midtown Manhattan, Phase II includes two five-story apartment buildings with eight one-bedroom and 96 two-bedroom units, plus 7,813 square feet of retail space. Dwight said the property’s NJ Transit access into Manhattan supports strong renter demand, citing tight vacancy and limited new supply.