Elysian Fields is situated at the northern end of Washington Street, this Hudson River waterfront city's main commercial thoroughfare. In line with the region's tight apartment market, the property is currently 100% occupied.

The property consists of seven five-story elevator-service buildings joined by interior corridors that were added during a renovation carried out in 1983, when the borrower originally acquired the property. The buildings, originally built in 1920, contain a gross area of 52,200 sf.

The financing follows two other deals arranged recently by PWF for properties within a 15-mile radius of here. In the first, the firm provided $3 million in supplemental Freddie Mac financing for Midland Apartments, a 71-unit, five-story building in Montclair. In the second, the 452-unit, 15-building Forest Hill Terrace Apartment in Newark received an undisclosed amount. Both were originated by Gary Cohen, also of PWF's Jersey City office.