Capodagli Closes on $80M for North Jersey Apartments

The community opened earlier this month.

A photo of Meridia Roselle Park, located in Roselle Park, New Jersey
Meridia Roselle Park, refinanced for $80 million. Image courtesy of Greystone

Capodagli Property Company has obtained an $80 million bridge loan to refinance Meridia Roselle Park, a 325-unit mixed-income multifamily property located in Roselle Park, NJ.

Drew Fletcher and Miryam Reinitz-Kops of Greystone originated the two-year, interest-only floating rate loan on behalf of the owner.

Built in 2021 and located at 10 Westfield Ave., Meridia Roselle Park 10 has 16 affordable apartments, according to Yardi Matrix. The community has on-site parking, in-unit washer/dryers, and Keyless LATCH access. The asset was subject to a $63,706,660 construction loan through ACORE Capital that originated on March 9, 2021. The property began pre-leasing in August of last year and opened this month.


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“This was a strong execution for a high-quality asset,” Reinitz-Kops, vice president at Greystone, told Multi-Housing News. “The loan allows the sponsor to cash out at a lower cost of capital and focus on lease-up without urgency,” she said.

“Roselle Park is a growing submarket benefiting from NYC migration, and well-located projects like this are poised to lease quickly. Strong sponsorship and a prime location made this an attractive deal for Greystone.”

Capodagli’s communities

Capodagli also owns Meridia on Westfield, another fully stabilized property nearby, located at 240 W. Westfield Ave., also in Roselle Park. The community has 213 apartment homes.

In August of last year, Capodagli Property Co.’s existing debt associated with a New York City suburban community was retired through a $75 million bridge loan from SCALE Lending, the debt financing arm of Slate Property Group.