Paterson Medical Plaza defaults on $5.9 million loan | Paterson Times Paterson Times

Paterson Medical Plaza defaults on $5.9 million loan

By Jayed Rahman
Published: January 2, 2020

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The owners of the Paterson Medical Plaza, a large commercial complex on Straight Street near Getty Avenue, have defaulted on a $5.9 million loan issued by TD Bank, according to court records.

TD Bank filed papers in New Jersey Superior Court in November to foreclose on the property. It’s not clear when exactly the Paterson Medical Plaza stopped making payments to the bank.

Documents show the 25-year loan was issued in Jul. 2016. Full amount is due in Jul. 2041. Records show a floating 2.25-percent interest rate for the loan.

Hisham H. Gadalla, who is listed as the manager for Paterson Medical Plaza in loan documents, did not respond to a message seeking his comments for this report.

Paterson Medical Plaza, located at 540 Straight Street, close to St. Joseph’s Regional Medical Center, houses several medical offices and a pharmacy. Municipal records show the large building was approved for construction in 2016.

Email: jay@patersontimes.com


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