Capodagli Property Company just got the green light to keep building at a multifamily project in northern New Jersey.
The developer secured a bridge loan of $75 million from Scale Lending, the debt financing arm of Slate Property Group, according to a statement by the lender. The financing will replace a prior $71 million construction loan from the same lender in 2021. The new loan has an 18-month term with two six-month extensions.
The project is a 294-unit multifamily development located at 110 Bergen Turnpike in Little Ferry, New Jersey, in Bergen County. The site had to be rezoned from commercial to residential. The development is set to include a mixed-use building with more than 8,000 square feet of retail space and 294 parking spaces. The buildings are expected to issue temporary certificates of occupancy by the third quarter of 2024.
According to the release, Capodagli Property Company has developed more than 2,000 residential units in northern New Jersey since 2014.
A Capodagli-affiliate CPC Aquista filed a lawsuit against the New Jersey town of Leonia last year for a so-called builder’s remedy to build a 120-unit multifamily project with affordable housing. It was also in talks with Hackensack to build affordable housing there two years ago.
The current project in Little Ferry is benefiting from New Jersey’s PILOT program, which caps real estate taxes at 10–13% of effective gross income (EGI) for 30 years post completion.
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Capodagli’s affiliate company, Meridia Living, will handle leasing and property management. Silber Realty & Management Company will market and lease the commercial space.
Martin Nussbaum, Co-Founder and Principal at Slate Property Group, said in a statement that the site is the only active development underway in Little Ferry.
— Christina Previte