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New York & Tri-State  + New Jersey  + Finance  | 

$75M Bridge Loan Retires Construction Debt on Little Ferry Apartments

SCALE Lending, the debt financing arm of Slate Property Group, finalized a $75-million bridge loan for Capodagli Property Company, a family-owned New Jersey-based real estate development and management firm. The loan will retire the existing construction loan and to complete, lease-up and stabilize the 294-unit multifamily development located at 110 Bergen Tpke. in Little Ferry, NJ 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 at Slate Property Group. “110 Bergen Tpke. 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 Capodalgi Property Company.”

SCALE previously issued a $71-million construction loan to Capodagli in November 2021.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing