Elysian Fields is situated at the northern end of WashingtonStreet, this Hudson River waterfront city's main commercialthoroughfare. In line with the region's tight apartment market, theproperty is currently 100% occupied.

The property consists of seven five-story elevator-servicebuildings joined by interior corridors that were added during arenovation carried out in 1983, when the borrower originallyacquired 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 PWFfor properties within a 15-mile radius of here. In the first, thefirm provided $3 million in supplemental Freddie Mac financing forMidland Apartments, a 71-unit, five-story building in Montclair. Inthe second, the 452-unit, 15-building Forest Hill Terrace Apartmentin Newark received an undisclosed amount. Both were originated byGary Cohen, also of PWF's Jersey City office.