216 Spring Street
Newly constructed 52-unit multifamily in a path-of-growth Paterson corridor. Off-market acquisition refinanced to permanent agency debt with $9.7M+ in equity uplift over basis.
Financial Overview
Key metrics and investment performance
Projected ROI
30%
Project-Level ROI
85%
Total Units
52
Equity
$3,500,000
Construction Costs
$6,760,000
Appraised Value
$21,100,000
Total Basis
$11,396,349
Refinance Proceeds
$15,617,303
These results describe a specific asset. Investor-level returns vary by vehicle structure, entry timing, fees, leverage, and distribution policy.
The Project
Veloce Capital acquired 216 Spring Street off-market in 2019 and developed a new 52-unit multifamily asset in the heart of Paterson, NJ. The project exemplifies the firm's focus on revitalizing underserved urban markets through strategic acquisition, efficient development, and strong market repositioning.
The asset was positioned for long-term value through new construction in a path-of-growth corridor. Post-stabilization, the property was refinanced in 2023 and again in March 2025 — when Veloce executed a refinance into permanent agency-lender debt — locking in long-term cash flow and validating an appraisal-to-cost delta of more than $9.7M.
Timeline
Key dates and milestones
acquired
May 2019
construction Start
2022
completed
2023
refinanced
March 2025
Key Milestones
What we delivered
Off-market acquisition in 2019 in a path-of-growth Paterson corridor
Ground-up construction of a 52-unit multifamily property
Total project basis of $11.4M against a $21.1M appraisal
Over $9.7M in equity uplift versus total cost basis
Refinanced into permanent agency-lender debt in March 2025
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