HOBOKEN, NJ-Mineola, NY-based PW Funding Inc., a subsidiary of CharterMac, has provided $5.1 million in mortgage financing for the 56-unit, mid-rise Elysian Estates apartment complex here. The funding, which was arranged through Freddie Mac by Stuart Sendell of PWF’s Jersey City office, carries a 5.34% interest for the borrower, a local partnership.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt. Multifamily Fall 2024Event

Join the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.