Capodagli Property Co., a family-owned real estate development and management firm in Linden founded by George Capodagli has acquired a $75 million bridge loan from SCALE Lending, the debt financing arm of Slate Property Group.
Capodagli will utilize the funds from the loan to retire the existing construction loan and to complete, lease-up and stabilize the 294-unit multifamily development located at 110 Bergen Turnpike in Little Ferry. The 18-month loan term is followed by two six-month extension options.
“We’re continuing to help sponsors meet the residential demand in underserved markets such as Little Ferry, which has demonstrated a strong appetite for multifamily,” Martin Nussbaum, co-founder and principal at Slate Property Group, said. “110 Bergen Turnpike is the only active development currently underway in Little Ferry, and we are thrilled to provide repeat financing to such a high caliber sponsor with the local market experience of Capodalgi Property Co.”
SCALE previously issued a $71 million construction loan to Capodagli in November 2021. Prior to the closing of the construction loan, the site was rezoned from commercial to residential. The 110 Bergen Turnpike project will benefit from a payment-in-lieu-of-taxes agreement that fixes real estate taxes from 10-13% of Effective Gross Income for 30 years post-completion.
The mixed-use building features 8,356 square feet of retail space and 294 parking spaces in addition to its residential units. Both buildings are expected to issue temporary certificates of occupancy by the third quarter.
Capodagli’s affiliate company, Meridia Living, will handle leasing and property management. Silber Realty & Management Co. has been engaged to market and lease the commercial space.