Scale Lending Supplies $71M Construction Loan for NJ Apartments
Capodagli Property Company has landed $71 million of construction financing to build a new multifamily property in northern New Jersey, Commercial Observer has learned.
Scale Lending, the financing arm of Slate Property Group, supplied the loan, which will finance ground-up construction of the 294-unit 110 Bergen Turnpike development in Little Ferry, N.J. The transaction was arranged by Greystone Capital Advisors‘, Drew Fletcher, Bryan Grover and Miryam Reinitz-Kops.
“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,” Martin Nussbaum, co-founder and principal of Slate Property Group, said in a statement. “This deal is the latest in a series of promising opportunities as we build upon our presence in new and exciting markets.”
Located in Bergen County around 14 miles from Midtown Manhattan, the two-building 110 Bergen Turnpike is within walking distance of the Hackensack River.
Representatives for Capodagli Property Company didn’t immediately respond to a request for comment.
Manhattan-based Scale, which was founded in 2018, has remained active during the COVID-19 pandemic with more than $1 billion of loans closed during the last 18 months around the New York City metropolitan region. It closed a $40 million construction loan last month on behalf of developers Ranger Properties and KD Sagamore Capital for a new 113-unit multifamily property in Brooklyn where 30 percent of the apartments will be set aside for affordable housing.
“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,” Nussbaum said. “With even more deals still in the pipeline, Scale has quickly become one of the leading partners for developers seeking creative financial solutions.”
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