SCALE Lending, the debt financing arm of Slate Property Group, announced that it has finalized a $75 million bridge loan for Capodagli Property Company, a family-owned New Jersey-based real estate development and management firm founded by George Capodagli.
Capodagli will utilize the funds from the bridge loan to retire the existing construction loan and to complete, lease up and stabilize the 294-unit multifamily development located at 110 Bergen Turnpike in Little Ferry, N.J. 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, cofounder and principal at Slate Property Group. “110 Bergen Turnpike is the only active development currently under way in Little Ferry, and we are thrilled to provide repeat financing to such a high-caliber sponsor with the local
