107-109 Beech St. in Paterson — Courtesy: Benmark Capital
By Joshua Burd
Benmark Capital has closed a $38 million loan to Ania Management to refinance a portfolio of more than 200 workforce housing units and commercial space in Paterson.
According to a news release, the complex transaction is tied to a mix of studio and one-, two- and three-bedroom rentals across 22 multifamily and mixed-use buildings near Interstate 80, NJ Transit service and major regional employment centers. The 203-unit housing portfolio is 99 percent occupied, the lender said, adding that the assets include six commercial spaces.
Cole Schotz PC represented Benmark as legal counsel. Marc Waldman of Kentmoore Capital arranged the transaction.
“The Paterson portfolio was a time-sensitive, highly structured financing that demanded precision and certainty of execution,” said Mark Simon, CEO of Benmark Capital. “Transactions of this nature are precisely where Benmark’s platform is built to perform. Charles Florio and the Ania Management team are best-in-class operators and a trusted repeat borrower, and we were proud to once again deliver a customized capital solution tailored to both their immediate objectives and long-term strategy.”
Benmark Managing Director Joe Moser added: “Closing a 22-building portfolio simultaneously requires not only structuring expertise but an unwavering commitment to execution. This transaction is a testament to the depth of Benmark’s platform and our team’s ability to deliver under pressure.”
A repeat Benmark Capital borrower, Ania Management owns and manages some 4,500 rental units across four states and employs roughly 250 professionals across its acquisition, development, construction and property management businesses, the news release said.
“This transaction marks another successful collaboration with Benmark Capital,” said Florio, founder and CEO of Ania Management. “Their understanding of both our holdings and long-term objectives allowed them to deliver a solution tailored to our needs, and we look forward to building our relationship as we continue to invest in workforce housing throughout Paterson.”
Cole Schotz members Leo Leyva and Drew Barone led the legal team for the transaction, working alongside members Roger Iorio and Robyn Pellegrino, associates Zachary Alsharif, Denise Krall, Dustin Dorsino, Matthew Asnis and Luisa Nin Reyes, law clerk Gwendolyn Goodyear and paralegals Jonathan Caban and Kim Calkin.
