Capodagli Property Company recently secured $ 71 million in construction financing to complete a new residential property at 110 Bergen Turnpike in Little Ferry, New Jersey. When completed, the property will consist of 294 apartments spread over two buildings.
The renderings of the property seem to reveal a commercial component on the ground floor with the residential volume positioned above. The facade will consist of alternating white metal cladding and beige paneling. The developer has not confirmed all of the property’s residential amenities.
SCALE Lending, a subsidiary of Slate Property Group, provided the financial package. The loan marks the latest close for SCALE Lending, one of the New York metro market’s busiest construction finance lenders, with more than $ 1 billion on loan in the past 18 months.
The transaction was organized by Greystone Capital Advisors.
“Agreements like 110 Bergen Turnpike demonstrate SCALE’s ability to adapt quickly to expanding markets as we continue our strong growth throughout the New York metro area,” said Martin Nussbaum, co-founder and director of Slate Property Group. “This agreement is the latest in a series of promising opportunities as we strengthen our presence in new and exciting markets. We pride ourselves on our relationships with top developers looking to expand their footprint and know that SCALE can help them achieve their goals.
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