Greystone has arranged a $65 million construction loan for Capodagli Property Company. The construction loan was provided by ACORE Capital (“ACORE”), a leading commercial real estate finance company and debt fund manager, to finance a to-be-developed multifamily project totaling 325 multifamily units, 16,000 square feet of retail, and a 518-space parking garage, located at 10 Westfield Avenue West in Roselle Park, NJ.
The development is conveniently located less than 20 miles from New York City and is designed to appeal to young professional renters by providing a high-quality product at competitive prices. Capodagli will deliver a comprehensive amenity package including a courtyard, fitness center, meeting rooms, and lounge.
Greystone Capital Advisors, led by President Drew Fletcher, and with assistance from Vice Presidents Miryam Kops and Bryan Grover, served as the exclusive advisor in arranging the financing on behalf of Capodagli.
“Over the past 40 years, Capodagli has grown into one of New Jersey’s premier real estate development, investment and management companies. 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,” said Mr. Fletcher. “We are excited to have delivered this execution and look forward to growing our relationships with Capodagli and ACORE.”
“We are our enthusiastic and thankful to work with the town of Roselle Park on our second multifamily project within town. They have been pivotal in helping us carry on our mission to bring affordable housing to the middle-class with a class A product,” said George Capodagli, Founder of Capodagli. “Greystone and ACORE were a pleasure to work with on this transaction and we look forward to working with them in the future,” said Mr. Capodagli.
Director Kory Klebanoff, who originated the loan for ACORE, stated, “Capodagli has found an impressive niche developing well-amenitized apartments at an affordable rent in densely populated areas throughout New Jersey. George and Drew, and their respective teams, have been great to work with and we look forward to expanding our relationship with them.”