New Jersey happened to be one of the hardest-hit states early on during this pandemic, but since the governor of New Jersey declared real estate an essential business last year, Northern New Jersey has seen a lot of prospective buyers looking to move out of New York City for greener pastures across the Hudson.
Paterson specifically has struggled to retain its prominence as an important American city, despite having an array of largely untapped resources. Paterson is uniquely positioned to capitalize on several key assets, such as the glorious Great Falls of the Passaic River; the high concentration of beautiful beaux-arts buildings downtown, and its 13-mile proximity to New York City; as well as its rich history as the birthplace of the U.S. Industrial Revolution.
The Patch cited that both sellers and buyers can benefit from the current real estate environment. Buyers are able to stretch their budget with the benefit of record-low interest rates. Sellers, on the other hand, have an abundance of new buyers looking, a stabilizing local economy, and limited housing inventory available going into the spring 2021 market.
Movers consider Paterson for its affordability and transportation infrastructure, including an NJ Transit Main Line commuter rail service to Hoboken located in Downtown Paterson. Sharestates has made many strong connections with real estate developers in Paterson over the past six years, and now that the real estate business is getting back to normal we have seen an uptick in lending in the Paterson area. According to Zillow, there are now 200+ homes for sale, ranging from $95K to $699K as of this article’s posting. Paterson has affordable housing stock compared to the greater metropolitan area with a diverse arrangement of multi-family, townhomes, condominiums, and single-family housing units available to buy, rehab, rent, refinance and repeat.
Here are some of our recently funded projects:
- Loan amount – $2,000,000
- Loan Purpose – Bridge
- Property Type – Residential
- LTV – 58%
- Loan amount – $3,240,000
- Loan Purpose – Cash-out
- Property Type – Land
- LTV – 65%
Experience Paterson living in a completely new and improved building will be a seven-story luxury housing complex built on the vacant lot that used to hold the Paterson Armory. This community is located on Market St in the Eastside area of Paterson. Prominent developer in Paterson broke ground on this 138-unit housing project in August 2020. Rents will run between $1800 – $2300 . According to The Paterson Times The New Paterson Armory will have on-site parking, amenities like a pool, gym, rooftop deck, and a first-floor restaurant. Also cited by The Paterson Times mounds of concrete and bricks from the old Paterson Armory were visible on the vacant lot on the corner of Market and Pennington Street. These are the materials that are from the historic armory itself, they’ll be integrated into the building. So that historic past, that legacy of the older days of Paterson, will be permanently enshrined in the future of the building itself.
- Loan amount – $2,400,000
- Loan Purpose – Bridge
- Property Type – Purchase
- LTV – 40%
To learn more about Sharestates or inquire about funding your next real estate project please click below.