David Ferber, CPA

How Matthews™ Turned Financing Hurdles into One of Clifton's Highest Price Per Unit Mixed-Use Sales

Matthews™ successfully arranged the $4,400,000 sale of 231–237 Dayton Ave in Clifton, New Jersey, a mixed-use property that achieved one of the highest price per unit trades ever recorded in the market at approximately $232,000 per unit. The transaction closed over the course of eight months and generated 12 offers within the first 60 days of marketing.   Challenge The transaction faced a series of significant financing and closing hurdles that threatened to derail the deal multiple times. The process initially began with agency financing, which became heavily delayed due to extensive lender requirements, restrictions, and prolonged underwriting timelines. Early in escrow, potential environmental concerns surfaced and required resolution before the transaction could continue. Just before a scheduled closing in November, the original lender unexpectedly withdrew financing because one of the property’s tenants operated a vape shop, creating an issue with lender restrictions. Although the deal was revived through a negotiated extension, increased deposit, and waiver of remaining due diligence contingencies, additional complications emerged when the replacement lender later encountered an unresolved issue with the buyer only days before closing. With the transaction once again at risk and time running out, both sides faced mounting pressure to preserve the deal.   Strategy Throughout the process, the Matthews™ agent maintained constant communication between both parties, ensuring every challenge was proactively addressed and communicated. By continuously reaffirming commitment from both buyer and seller, momentum remained intact despite recent setbacks. After the initial lender withdrew, the agent negotiated revised deal terms that kept the transaction alive while the buyer pursued alternative financing. When the second financing issue surfaced just one week before closing, the Matthews™ agent identified a creative solution by structuring short-term seller financing for 75 days, allowing the buyer additional time to secure permanent financing post-closing. This strategic adjustment required careful negotiation and alignment between all parties, ultimately preserving trust and preventing the transaction from collapsing late in escrow.   Result Matthews™ successfully closed the transaction within days of finalizing the seller-financing structure, delivering a strong outcome for both parties. The seller achieved one of the highest price per unit sales ever recorded in Clifton while exiting management responsibilities ahead of retirement. The buyer acquired a well-positioned asset at a 6.6% cap rate in a growing rental market where they already maintained a strong local presence. Despite multiple financing collapses, lender complications, and timing challenges over the eight-month escrow period, Matthews™ successfully guided the transaction to closing through creative problem-solving, persistence, and consistent communication that kept both sides fully engaged until completion.