NJ Portfolio Refinanced With $286M

Capodagli Property Co. has obtained $285.7 million to refinance a four-property multifamily portfolio in Northern New Jersey. PGIM provided the note in a deal arranged by Greystone Capital Advisors.

The bridge loan replaces existing senior debt while also returning additional capital for Capodagli. Previous financing includes three notes totaling $148.9 million originated by Slate Property Group, Webster Bank and Greystone, according to Yardi Matrix information.

Multifamily loan originations saw a 39 percent increase year-over-year as of the second quarter, according to an MBA report. However, when comparing to a quarter earlier, the dollar volume decreased 41 percent.

A Northern New Jersey multifamily portfolio

The Class A collection comprises more than 1,000 residential apartments and 30,000 square feet of retail space. The properties are:

• the 106-unit Meridia Village Commons at 209 Valley St. in South Orange, N.J.
• the 212-unit Meridia Pompton Lakes at 261 Wanaque Ave. in Pompton Lakes, N.J.
• the 402-unit Meridia Linden at 1001 W. Elizabeth Ave. in Linden, N.J.
• the 294-unit Meridia Little Ferry at 110 Bergen Turnpike in Little Ferry, N.J.

Completed between 2022 and 2025, the four communities comprise a combined six residential buildings across 10 acres. The properties benefit from long-term PILOT agreements that enhance operational efficiency.

Capodagli’s New Jersey multifamily growth

Capodagli has developed, owned and managed more than 5,000 residential units since its founding in 1970, focusing on both urban and suburban areas throughout New Jersey. The firm’s development pipeline currently comprises north of 6,000 units.

Earlier this year, Capodagli obtained an $80 million bridge loan to refinance a 325-unit community in Roselle Park, N.J. The project started construction in 2021 and came online this April.