New Jersey-based developer Fadi Samaan has received $23.5 million in financing, secured by the U.S. Department of Housing and Urban Development (HUD). This is for the refinancing of a multi-family complex in Passaic, New Jersey. Dwight Capital provided the HUD 223(f) loan for the 104-unit development “Station at Passaic Phase II”, which was completed in 2024.
The transaction, initiated by Jonathan Pomper and Noah Greenwald of Dwight Capital, occurred almost exactly one year after a $27.7 million HUD 223(f) loan. The private lender had processed this in August 2025 for the adjacent property “Station at Passaic Phase I”, also comprising 104 residential units.
The proceeds from the loan will be used to pay off existing liabilities, establish a replacement reserve for future capital improvements, and repatriate equity accrued during the construction and lease-up phases, Dwight Capital stated.
Jonathan Pomper commented on the attractiveness of the location in a statement: “Station at Passaic’s location on the NJ Transit line to Manhattan results in strong tenant demand from both New York City and other New Jersey submarkets.” He added that the low vacancy rate, limited new supply, and neighbourhood amenities, such as the on-site restaurant and supermarket, position the property well to meet this demand. This was also reflected in the strong lease-up of Phase I and the natural transition to Phase II.
The “Station at Passaic Phase II” property is located at 99 Passaic Street, approximately 14 miles west of Midtown Manhattan. It consists of two five-storey apartment buildings with unit sizes of eight one-bedroom flats and 96 two-bedroom flats. The property also includes 7,813 square feet of retail space, which features a Pachos Mini Market.
Fadi Samaan stated that the loan processing with Dwight Capital went “even more smoothly than the last” and praised their ability to “make even the most complex financings seem straightforward”.
