LCD Commercial sources $3.6 million loan for 33-unit Paterson housing portfolio

Oct 18, 2022 | Finance & Capital Markets, Residential & Mixed Use

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By Joshua Burd

The owner of a 33-unit housing portfolio in Paterson has secured more than $3.6 million in financing for the properties, according to Totowa-based LCD Commercial Lending.

Dan Sterba, a vice president with LCD, sourced the debt on behalf of five LLCs affiliated with the properties, the addresses of which were undisclosed.

“Our client has a solid commitment to continue to provide housing in the city of Paterson,” Sterba said. “His plan is to continue to do so. He is a strong long-term investor in all of the properties he owns.”

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Joshua Burd

Joshua Burd, an award-winning reporter and editor, has been covering New Jersey commercial real estate for 13 years. Many industry leaders view him as the go-to real estate reporter in the state, a role he is eager to continue as the editor of Real Estate NJ. He is a lifelong New Jersey resident who has spent a decade covering the great Garden State.