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 based in New Jersey will use the loan to pay off their existing construction debt and complete the 294-unit multifamily development at 110 Bergen Turnpike in Little Ferry.
The loan has an 18-month term with two six-month extension options. According to Martin Nussbaum, co-founder and principal of Slate Property Group, this financing will help meet the growing demand for residential properties in underserved markets like Little Ferry. He also noted that their project is currently the only active development in this area.
This is not the first time SCALE has provided funding for Capodagli; they previously issued a $71 million construction loan back in November of last year. With their experience and expertise within the local market, Capodagli was deemed a high-caliber sponsor by Slate Property Group.
