ACORE Provides $65M Construction Loan for NJ Housing Development
ACORE Capital has provided $65 million in construction debt to New Jersey-based real estate developer and property manager Capodagli Property Company to help facilitate the build out of a new mixed-use, multifamily project and parking garage in Roselle, N.J., Commercial Observer has learned.
The construction debt will go toward a planned 325-unit project located at 10 West Westfield Avenue in Roselle Park. The development will also include 16,000 square feet of retail space and a parking structure with 518 spaces, according to information from Greystone.
Greystone Capital Advisors’ Drew Fletcher led a group that included Miryam Kops and Bryan Grover in arranging the debt financing on behalf of the developer.
“Over the past 40 years, Capodagli has grown into one of New Jersey’s premier real estate development, investment and management companies,” Fletcher said in a statement. “The firm’s strong leadership and hands-on approach to design and construction allows it to consistently deliver a high-quality differentiated rental product for the middle market.”
The property is situated several miles south of Newark and is a little over 20 miles away from Midtown Manhattan. The project will be geared towards young professionals and will include amenities, such as a fitness center, meeting rooms, a resident lounge and a courtyard, per Greystone.
“Capodagli has found an impressive niche developing well-amenitized apartments at an affordable rent in densely populated areas throughout New Jersey,” said ACORE director Kory Klebanoff, who originated the debt.
It will be the second residential rental property Capodagli Property Company has built in Roselle Park, according to the firm’s founder, George Capodagli.
Capodagli said in a statement that the town of Roselle Park has “been pivotal in helping us carry on our mission to bring affordable housing to the middle-class with a Class A product.”
The company has a history roving around New Jersey, redeveloping existing structures or unused lots into attractive multifamily assets, such as Meridia Main Station in Bound Brook and Meridia Park Avenue in West New York.
This new development in Roselle Park will join the firm’s other project in the area, called Meridia on Westfield, which is located at 240 West Westfield Avenue.