A rendering of a 325-unit multifamily project in Roselle Park by Capodagli Property Co. — Courtesy: Greystone
By Joshua Burd
Capodagli Property Co. has secured a $65 million construction loan for a planned 325-unit multifamily project in Union County, in a newly announced transaction by Greystone.
ACORE Capital, a New York-based lender and fund manager, is providing the financing for the development at 10 Westfield Ave. West in Roselle Park, according to Greystone. The debt placement team noted that the project will also feature amenities, 16,000 square feet of retail space and a 518-space parking garage, with a location less than 20 miles from New York City.
Greystone Capital Advisors President Drew Fletcher represented Capodagli in the deal, with assistance from vice presidents Miryam Kops and Bryan Grover.
“Over the past 40 years, Capodagli has grown into one of New Jersey’s premier real estate development, investment and management companies,” Fletcher said. “The firm’s strong leadership and hands-on approach to design and construction allows it to consistently deliver a high-quality differentiated rental product for the middle market.
“We are excited to have delivered this execution and look forward to growing our relationships with Capodagli and ACORE.”
In a news release, Greystone and Capodagli said the project is meant to appeal to young professional renters while offering competitive prices. It will be the developer’s second project in Roselle Park and its latest in Union County, where it has built thousands of apartments, along with the latest piece of a sprawling portfolio in New Jersey.
Amenities will include a courtyard, a fitness center, meeting rooms and a lounge.
“We are our enthusiastic and thankful to work with the town of Roselle Park on our second multifamily project within town,” said George Capodagli, founder of the Linden-based firm. “They have been pivotal in helping us carry on our mission to bring affordable housing to the middle class with a Class A product.
“Greystone and ACORE were a pleasure to work with on this transaction and we look forward to working with them in the future.”
ACORE Director Kory Klebanoff originated the loan.
“Capodagli has found an impressive niche developing well-amenitized apartments at an affordable rent in densely populated areas throughout New Jersey,” Klebanoff said. “George and Drew, and their respective teams, have been great to work with and we look forward to expanding our relationship with them.”