• PURCHASE PRICE: $3,200,000
  • SOFT COSTS: $408,500
  • CONSTRUCTION COSTS: $7,375,000
  • TOTAL BASIS: $10,983,500
  • APPRAISED VALUE (AT REFINANCE): $24,600,000
  • REFINANCE PROCEEDS: $15,884,000

  • PURCHASE PRICE: $3,200,000
  • SOFT COSTS: $408,500
  • CONSTRUCTION COSTS: $7,375,000
  • TOTAL BASIS: $10,983,500
  • APPRAISED VALUE (AT REFI): $24,600,000
  • REFINANCE PROCEEDS: $15,884,000
  • UNIT COUNT: 59
  • INITIAL ACQUISITION DATE: 1/17/2019
  • CONSTRUCTION START: 2020
  • CONSTRUCTION COMPLETION: 2021
  • REFINANCE TO PERM LOAN: 10/7/2022


FINANCIAL OVERVIEW

PROPERTY FACTS:

180 CEDAR STREET

180 CEDAR STREET

Veloce Capital identified 180 Cedar Street as a high-potential, underutilized asset in the heart of Paterson, New Jersey. With rental demand on the rise and quality inventory in short supply, the firm executed a full-scale renovation of the 59-unit multifamily property—upgrading both interiors and building systems to meet institutional standards.

The project strategy focused on unlocking the untapped potential of a well-located but underutilized parcel. The property was refinanced within three years, delivering strong returns and reinforcing Veloce Capital’s ability to add value through strategic repositioning.

REVITALIZING RENTAL SUPPLY IN PATERSON, NJ

REVITALIZING RENTAL SUPPLY IN PATERSON, NJ

CASE STUDY:

  • UNIT COUNT: 59
  • INITIAL ACQUISITION DATE: 1/17/2019
  • CONSTRUCTION START: 2020
  • CONSTRUCTION COMPLETION: 2021
  • REFINANCE TO PERM LOAN: 10/7/2022


  • PURCHASE PRICE: $3,200,000
  • SOFT COSTS: $408,500
  • CONSTRUCTION COSTS: $7,375,000
  • TOTAL BASIS: $10,983,500
  • APPRAISED VALUE (AT REFI): $24,600,000
  • REFINANCE PROCEEDS: $15,884,000
  • UNIT COUNT: 59
  • INITIAL ACQUISITION DATE: 1/17/2019
  • CONSTRUCTION START: 2020
  • CONSTRUCTION COMPLETION: 2021
  • REFINANCE TO PERM LOAN: 10/7/2022


KEY MILESTONES