SCALE Lending, the debt financing arm of Slate Property Group, has finalized a $75 million bridge loan to Capodagli Property Company, a family-owned real estate development and management firm based in New Jersey. The financing will support the completion, lease-up, and stabilization of 110 Bergen Turnpike, a two-building development in Little Ferry, New Jersey. The project was designed by CPA Architecture.
When complete, the mixed-use development will boast 294 residential units and 8,356 square feet of retail space. The two buildings are expected to receive Temporary Certificates of Occupancy by the third quarter of 2024. Capodagli’s affiliate company, Meridia Living, will manage the leasing and property management for the residential units, while Silber Realty & Management Company has been enlisted to market and lease the commercial spaces.
110 Bergen Turnpike, via Google Maps
Capodagli Property Company plans to use the bridge loan to retire the existing construction loan and to bring the development to full completion. The loan carries an 18-month term, with two additional six-month extension options available.
This loan follows a previous $71 million construction loan issued by SCALE Lending to Capodagli in November 2021. Notably, the 110 Bergen Turnpike site was rezoned from commercial to residential before the initial loan. The project will also benefit from a PILOT agreement, which fixes real estate taxes at 10–13 percent of the Effective Gross Income for 30 years post-completion.
“SCALE’s formula has proven successful – work with sponsors with strong, local expertise in high-demand locations on best-in-class multifamily projects,” said Daniel Ridloff, managing director of SCALE. “With many traditional lenders continuing to be inactive, we’ve seized the opportunity to utilize our strong relationships to source and close deals. Capodagli is a best-in-class owner, operator, developer, and we are looking forward to yet another deal together.”
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There are many developments like this in New Jersey. It may surprise New Yorkers that these are wooden structures except for the ground level and stairwells.
NYC is probably the only place in the country that band 5 over 1s