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$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.
- ◦Financing