Capodagli Property Company recently secured $71 million in construction financing to complete a new residential property at 110 Bergen Turnpike in Little Ferry, New Jersey. When complete, the property will comprise 294 apartments spread across two buildings.
Renderings of the property appear to reveal a ground-floor retail component with the residential volume positioned above. The façade will comprise alternating white metal cladding and tan paneling. The developer has not confirmed the property’s residential amenity package.
SCALE Lending, a Slate Property Group affiliate, provided the financing package. This loan marks the latest closing for SCALE Lending, one of the most active lenders in the New York metropolitan market for construction financing, with more than $1 billion lent over the last 18 months.
The transaction was arranged by Greystone Capital Advisors.
“Deals like 110 Bergen Turnpike demonstrate SCALE’s ability to adapt quickly to expanding markets as we continue our strong growth throughout the New York Metropolitan area,” said Martin Nussbaum, co-founder and principal of Slate Property Group. “This deal is the latest in a series of promising opportunities as we build upon our presence in new and exciting markets. We are proud of our relationships with prominent developers who are looking to expand their footprint and know SCALE is able to help them achieve their goals.”