Dwight Capital Provides $24M Refi on New Jersey Multifamily Building
Developer Fadi Samaan secured a HUD loan for the second phase of the Passaic, N.J., apartment project
By Andrew Coen July 31, 2026 11:33 am
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New Jersey developer Fadi Samaan has landed $23.5 million of U.S. Department of Housing and Urban Development (HUD)-backed debt to refinance a multifamily complex in Passaic, NJ., Commercial Observer has learned.
Dwight Capital supplied the HUD 223(f) loan on the 104-unit Station at Passaic Phase II development, completed in 2024. The deal, which was originated by Dwight Capital’s Jonathan Pomper and Noah Greenwald, closed nearly a year to the date of a $27.7 million HUD 223(f) loan the private lender executed for the adjacent 104-unit Station at Passaic Phase I property in August 2025.
Loan proceeds will be used to retire existing debt, establish a replacement reserve account for funding future capital improvements and return equity built up during the construction and lease-up stages, according to Dwight.
“Station at Passaic’s location on the NJ Transit line into Manhattan drives strong renter demand from both New York City and other New Jersey submarkets,” Pomper said in a statement. “With tight vacancy, limited new supply, and neighborhood amenities like the on-site restaurant and grocery store, the property is well positioned to meet that demand as reflected in Phase I’s strong lease-up and the natural progression to Phase II.”
Located at 99 Passaic Street 14 miles west of Midtown Manhattan, Station at Passaic Phase II consists of two five-story apartment buildings with a unit mix of eight one-bedroom and 96 two-bedroom units. The property also features 7,813 square feet of retail space that includes a Pachos Mini Market.
Samaan said in a statement that the loan closing process with Dwight was “even smoother than the last” and credited them with “making even the most complex financing feel straightforward.”
Andrew Coen can be reached at acoen@commercialobserver.com.
