Meridia Village Commons at 209 Valley St. in South Orange — Courtesy: Greystone
By Joshua Burd
Capodagli Property Co. has closed on a $285.7 million bridge loan in connection with a portfolio of more than 1,000 apartments in the state, in a newly announced deal by Greystone.
The commercial real estate finance firm, which advised on the transaction, said it allows Capodagli to refinance existing senior debt while returning additional capital to the sponsor. PGIM provided the loan in connection with the portfolio, which includes 1,014 residential units and 30,000 square feet of retail space at four properties:
- Meridia Village Commons (106 units) at 209 Valley St. in South Orange
- Meridia Pompton Lakes (212 units) at 261 Wanaque Ave. in Pompton Lakes
- Meridia Linden (402 units) at 1001 West Elizabeth Ave. in Linden
- Meridia Little Ferry (294 units) at 110 Bergen Turnpike in Little Ferry
“This financing highlights the strong demand from institutional lenders for high-quality transitional multifamily opportunities,” said Drew Fletcher, president of Greystone Capital Advisors. “The tailored structure delivers significant equity recapture for the sponsors while enhancing their capital efficiency and supporting the portfolio’s long-term performance. We are grateful to our client, Capodagli Property Company, for their continued partnership and to PGIM for delivering such a strong execution on this transaction.”
The firm added that Capodagli delivered the properties between 2022 and 2025, tapping into the demand for new rentals in suburban markets with direct access to major employment centers in New Jersey and the greater New York City metro area. Each of the high-end rental properties benefits from long-term payment in lieu of taxes agreements.
“At CPC, we have a robust and growing pipeline of projects, and Greystone’s expertise has been instrumental in helping us efficiently execute on these opportunities,” said John Longo, chief investment officer at Capodagli.
