Slate Property Group’s debt financing division, SCALE Lending, has recently closed a $75 million bridge loan for Capodagli Property Company. The family-owned real estate development and management firm is based in New Jersey and the loan will be used to pay off an existing construction loan and complete the 294-unit multifamily development at 110 Bergen Tpke in Little Ferry.
The 18-month term of the loan includes two six-month extension options. According to Martin Nussbaum, co-founder and principal at Slate Property Group, this financing will help meet the high demand for residential properties in underserved markets like Little Ferry. He also mentioned that their company is pleased to provide repeat funding for such a reputable sponsor with extensive experience in the local market.
This is not their first collaboration as SCALE had previously provided Capodagli with a $71 million construction loan back in November of last year. With this new bridge loan, they are once again supporting them as they continue to develop one of only active projects currently underway within Little Ferry.
