Benmark Capital has closed a $38 million refinancing loan backed by a 22-building workforce housing portfolio in Paterson, NJ. The new financing was secured on behalf of Ania Management, the sponsorship entity led by Founder and CEO Charles Florio, and was arranged by Marc Waldman of Kentmoore Capital.
The portfolio consists of 22 multifamily and mixed-use assets that together comprise 203 residential units and six commercial units. According to the parties involved, the properties are approximately 99% occupied, underscoring steady in-place tenancy across the collection of buildings at the time the new debt was originated.
The refinancing was structured to support Ania Management’s broader strategy for the portfolio, which includes repositioning the capital stack to set the assets up for potential future agency financing. Executing the transaction required coordinating closing across all 22 buildings simultaneously, adding operational and transactional complexity to the process.
Benmark Capital described the assignment as a time-sensitive and highly structured mandate that required precision throughout the underwriting and execution phases. With multiple buildings and mixed-use components within the same workforce housing portfolio, the lender and sponsor worked together to align the closing timeline and documentation for each property under the new loan.
Mark Simon, CEO of Benmark Capital, noted that his firm has an established relationship with Ania Management and its leadership. He characterized Ania Management as a repeat borrower and highlighted the importance of tailoring the capital solution to both near-term refinancing needs and the sponsor’s longer-term financing objectives for the portfolio.
The new loan effectively replaces the prior financing on the portfolio and is intended to provide Ania Management with flexibility as it advances its business plan for the workforce housing assets. With occupancy near full across the 22 properties, the sponsor now has a refreshed debt structure in place as it evaluates the timing and mechanics of a potential agency takeout in the future.
The Paterson workforce housing portfolio transaction illustrates the level of coordination required to refinance multiple multifamily and mixed-use properties in a single, unified closing. It also underscores the ongoing role of specialized lenders and capital advisory firms in arranging financing solutions for established sponsors in dense urban submarkets.
