Ballard Spahr Advises BridgeInvest on Loan to Acquire North Jersey Apartment Building

Ballard Spahr represented national real estate lender BridgeInvest in closing its recent $34.5 million loan to a commercial real estate firm for the acquisition of a multifamily rental property in northern New Jersey, which was converted from a shuttered hospital building.

BridgeInvest, which focuses on short-term financing for select commercial and residential assets across the country, helped finance the purchase of the property by the Birch Group, a New Jersey-based commercial real estate investor, owner, and operator. The 147-unit property on Pennington Avenue in Passaic was recently renamed The Pennington. It features one-, two-, and three-bedroom apartments, as well as high-end finishes and appliances and amenities such as a community room, children’s playroom, and fitness facilities. The property is the former site of St. Mary’s Hospital and has been the subject of a years-long effort to convert the building to apartments.

The Ballard Spahr Real Estate Finance team that advised BridgeInvest on the transaction was led by David L. Zive and included Jared A. Sheinberg and Maheen Surani.

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