A new project by Capodagli Property Co. will bring 294 apartments to a site at 110 Bergen Turnpike in Little Ferry. — Rendering courtesy: CPA Architecture via SCALE Lending
By Joshua Burd
Capodagli Property Co. has closed on a $75 million bridge loan with SCALE Lending that will support its delivery of nearly 300 new apartments in Little Ferry.
The lender, the debt financing arm of Slate Property Group, said Capodagli will use the funds to retire the existing construction loan and to complete, lease up and stabilize the project at 110 Bergen Turnpike. 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,” said Martin Nussbaum, co-founder and principal of Slate Property Group. “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 Capodagli Property Company.”
SCALE issued a $71 million construction loan for the project in November 2021, noting that local officials rezoned the site from commercial to residential prior to closing. The development is now bringing new life to the site with 294 apartments across two buildings, 294 parking spaces and 8,356 square feet of retail space, with occupancy set to begin this fall.
Notably, the property has a 30-year payment in lieu of taxes agreement in place.
“SCALE’s formula has proven successful — work with sponsors with strong, local expertise in high-demand locations on best-in-class multifamily projects,” said Daniel Ridloff, managing director of SCALE. “With many traditional lenders continuing to be inactive, we’ve seized the opportunity to utilize our strong relationships to source and close deals. Capodagli is a best-in-class owner, operator, developer and we are looking forward to yet another deal together.”
Capodagli’s affiliate company, Meridia Living, will handle leasing and property management, while Silbert Realty & Management Co. is marketing the commercial space.
