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Value-Add Multifamily Loan

Multifamily | New Jersey

Stormfield funded a $12.4M Multifamily Value-Add Loan in Ridgewood, NJ

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Multifamily building in Ridgewood, NJ

  • Loan Amount

    $12,400,000

  • LTV

    65%

  • Term

    24 Months

Transaction Overview

Stormfield funded a $12,400,000 loan secured by a 30-unit multifamily property in Ridgewood, New Jersey. The business plan converts roughly 4,500 square feet of ground-floor office space into five additional residential units, increasing the building’s residential density and income potential. The loan is structured at approximately 65% LTV over a 24-month term. Underwriting weighed the conversion scope and lease-up of the new units, with the existing residential base and moderate leverage supporting the structure. The transaction reflects Stormfield’s disciplined approach to financing value-add multifamily repositioning with an existing residential tenant base in Ridgewood, New Jersey.

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Wesley W. Carpenter - Stormfield Capital

Wesley W. Carpenter

Co-Founder & Partner

Wesley Carpenter is a Co-Founder and Partner of Stormfield Capital. He leads the firm’s investment strategy and portfolio management, serves on both the management and investment committees, and plays a central role in credit and risk oversight across the platform. Under his leadership, Stormfield has deployed over $2 billion, spanning the origination, acquisition, and asset management of commercial and residential bridge loans.

Wes brings more than 15 years of experience in real estate credit and structured finance. Prior to founding Stormfield, he served as a Vice President at Greenwich Associates, a boutique financial services consultancy, where he advised senior executives at commercial and investment banks on balance sheet optimization and the adoption of structured credit strategies. He began his career in Corporate Development at Illinois Tool Works (NYSE: ITW), focusing on mergers and acquisitions and strategic growth initiatives across the firm’s global industrial portfolio.

He holds a B.S. from Fairfield University and an M.B.A. from Binghamton University.