FORT LEE, N.J. (October 2, 2025) – Palisades Financial, a leading commercial real estate direct lender and advisory firm, has announced that four loans totaling more than $50 million have been repaid by borrowers to Palisades Regional Investment Fund (PRIF) and Palisades Regional Investment Fund II (PRIF II).

“These transactions reflect what we do best at Palisades Financial – invest strategically in transitional situations and generate strong returns for our investors,” said Ira Bergstein, principal of Palisades Financial. “In the midst of a credit crisis, Palisades continued to monetize its investments.”

The repaid loans include a bridge loan for construction at 180 Hester Street in New York City. Palisades, through PRIF, originated a $5 million loan in 2005 for the renovation of a six-story plus penthouse mixed use project. The proceeds of this financing were used to complete the construction of four condominiums above a two-story restaurant. The property is an expansion of Caffe’ Napoli, located across the street from its world-renowned restaurant of 25 years. The building was sold with financing provided by a foreign bank.

Also in New York, in 2006 Palisades Financial acquired a 10 percent interest in a $95 million first mortgage for property located in Chelsea through PRIF II. The 116,815 square foot former office building was converted into 16,527 square feet of ground floor retail and 67 upper-level condos. Through Palisades’ day-to-day management of the loan, the balance was reduced to $37 million with sales of the retail space, sales of condominiums and sponsor equity contributions. The loan was repaid with refinancing provided by a foreign institution.

In South Bend, Ind., Palisades Financial, through PRIF II, provided a $6.5 million first mortgage for a hotel condo project known as Waterford Estates Lodge Condominiums. Located near the University of Notre Dame, the project features 200 residential units and a 19,000 square foot commercial unit. The building was formerly a full-service hotel situated on 10 acres. The loan was repaid with a refinancing from a New York City-based opportunity lender.

The fourth loan to monetize was a “B” piece of a $28 million bridge loan made to a New York City developer in 2006 and secured by a first mortgage lien on a property in Tribeca. The loan was sold in August 2008 to a New York-based hedge fund and the yield to Palisades’ investors for this “B” piece (first loss) loan was 27.5 percent.

Palisades Financial
Palisades Financial, LLC is a commercial real estate lender and advisory firm providing bridge, mezzanine and equity financing through its Palisades Regional Investment Funds. Palisades Financial specializes in commercial real estate and secured corporate lending and has successfully completed over $2 billion in transactions.

In 2002, Palisades Financial launched its first real estate private equity fund, Palisades Regional Investment Fund I, which invested in transactions valued at over $500 million. The company subsequently launched its second fund, Palisades Regional Investment Fund II, and is raising $200 million to invest in transactions ranging from $2 million to more than $50 million.

Palisades Financial originates bridge and mezzanine financings secured by a variety of property types, including land, retail, multi-family, office, light industrial and specialty use properties. Borrowers have utilized Palisades Financial proceeds for acquisitions, development, construction and recapitalizations. Palisades Financial also invests directly in real property and acquires non-performing mortgages. Both Palisades Financial and the Palisades Regional Investment Funds are based in Fort Lee, New Jersey. For more information, call 201-894-5000.