Dwight Capital Refis N.J. Apartments With $28M HUD Loan
By Andrew Coen August 11, 2025 4:44 pm
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New Jersey developer Fadi Samaan has sealed $27.7 million of U.S. Department of Housing and Urban Development (HUD)-backed debt to refinance a newly built multifamily asset in Passaic, N.J., Commercial Observer has learned.
Dwight Capital closed the HUD 223(f) loan for the 104-unit Station at Passaic property completed in 2024. Jonathan Pomper and Noah Greenwald originated the financing for Dwight.
Samaan said in a statement that the loan process from Dwight was “streamlined from start to finish” and marked one of the “smoothest experiences” he has had executing a transaction.
The HUD loan retires past construction debt, funds non-critical repairs, establishes a replacement reserve account for ongoing capital improvements and draws on accrued equity built up since the construction loan, according to Dwight.
Located at 99-11 Passaic Street, Station at Passaic consists of 96 two-bedroom apartments and eight one-bedroom units. The property also comprises 7,813 square feet of commercial space, which includes a Pachos Mini Market that debuted last October.
Andrew Coen can be reached at acoen@commercialobserver.com.
