Stormfield Funded a $10,465,000 Multifamily Bridge Loan in Morristown, NJ

Stormfield Capital funded a $10,465,000 multifamily bridge loan to support the acquisition and operational repositioning of a 37-unit elevator multifamily property built in 2017 in Morristown, New Jersey. The asset was sub-stabilized at 81% occupancy with near-term lease renewal opportunities and additional income upside from a parking component. The value-add thesis is driven by operational improvement and light common-area renovation rather than capital-intensive construction. The loan was structured at 64% LTV. The tight Morristown submarket, characterized by low vacancy and limited new supply, and the sponsor’s experienced local property management platform supported the lending decision.