The Pennington at 119-231 Pennington Ave. in Passaic — Courtesy: BridgeInvest
By Joshua Burd
A private lender has closed a nearly $35 million loan to finance The Birch Group’s acquisition of a newly opened, 147-unit multifamily property in Passaic.
The Miami-based firm, BridgeInvest, said the deal follows the recent debut of The Pennington at 119-231 Pennington Ave. after a project that repositioned the former St. Mary’s Hospital. It added that the complex sits on 3.56 acres and is minutes from major thoroughfares and NJ Transit’s Passaic station, providing easy access to a much-needed source of new housing.
“Providing financing for The Pennington aligns with our mission to support transformative projects that enhance communities,” said Alex Horn, founder and managing partner of BridgeInvest. “The Birch Group’s vision for this property will deliver exceptional housing options to Passaic and surrounding markets.”
In a news release, the lender said The Pennington has high-end finishes and appliances, along with amenities such as a community room, a children’s playroom and male and female gyms. It also noted that apartment vacancy in Passaic County is 2.2 percent, one of the lowest rates in the country, making the building’s arrival even more important.
