180 Cedar Street
Full-scale renovation of a 59-unit underutilized asset, upgrading interiors and building systems to institutional standards. Refinanced at over 2x total basis.
Financial Overview
Key metrics and investment performance
Projected ROI
24%
Project-Level ROI
35.6%
Total Units
59
Equity
$3,200,000
Construction Costs
$7,375,000
Appraised Value
$24,600,000
Total Basis
$10,983,500
Refinance Proceeds
$15,884,000
These results describe a specific asset. Investor-level returns vary by vehicle structure, entry timing, fees, leverage, and distribution policy.
The Project
Veloce Capital identified 180 Cedar Street as a high-potential, underutilized asset in the heart of Paterson. With rental demand on the rise and quality inventory in short supply, the firm executed a full-scale renovation of the 59-unit multifamily property, upgrading both interiors and building systems to meet institutional standards.
The project strategy focused on unlocking the untapped potential of a well-located but underutilized asset. The property was refinanced within three years, delivering a strong outcome and reinforcing Veloce Capital's ability to add value through disciplined repositioning.
Timeline
Key dates and milestones
acquired
January 2019
construction Start
2020
completed
2021
refinanced
October 2022
Key Milestones
What we delivered
Acquired a 59-unit property for $3.2M
Completed full interior and building-systems renovation
Executed against a total project basis of $10.98M
Appraised at $24.6M, more than 2x total basis
Refinanced with $15.88M in proceeds
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