A new project by Capodagli Property Co. will build 294 apartments on a site at 110 Bergen Turnpike in Little Ferry. — Rendering courtesy of: CPA Architecture via SCALE Lending
By Joshua Burd
Capodagli Property Co. has completed a $75 million bridge loan with SCALE Lending that will support the delivery of nearly 300 new homes in Little Ferry.
The lender, the debt financing arm of Slate Property Group, said Capodagli will use the funds to repay the existing construction loan and complete, lease and stabilize the project at 110 Bergen Turnpike. The 18-month loan term will be followed by two six-month extension options.
“We continue to help sponsors meet the demand for housing in underserved markets like Little Ferry, where there is a strong need for multifamily housing,” said Martin Nussbaum, co-founder and managing director of Slate Property Group. “110 Bergen Turnpike is the only active construction project currently underway in Little Ferry, and we are pleased to provide renewed financing to such a high-caliber sponsor with Capodagli Property Company’s local market experience.”
SCALE provided a $71 million construction loan for the project in November 2021, noting that local authorities had rezoned the site from commercial to residential prior to the closure. The development is now bringing the site back to life with 294 apartments in two buildings, 294 parking spaces and 8,000 square feet of retail space. Occupancy is expected to begin in the fall.
It is noteworthy that the property has a 30-year payment in lieu of taxes agreement.
“SCALE’s formula has proven successful – we work with sponsors with strong local expertise in sought-after locations on prime multifamily projects,” said Daniel Ridloff, Managing Director of SCALE. “With many traditional lenders remaining inactive, we took the opportunity to leverage our strong relationships to source and close deals. Capodagli is a top-notch owner, operator and developer and we look forward to doing more business together.”
Capodagli’s partner company Meridia Living will handle leasing and property management, while Silbert Realty & Management Co. will handle the marketing of the commercial space.
