NEW YORK, March 16, 2021 (GLOBE NEWSWIRE) — Greystone, a leading national commercial real finance company, 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.”
Greystone is a private national commercial real estate finance company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA, Fannie Mae, and Freddie Mac lender in these sectors. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. Greystone Capital Advisors is a full-service real estate capital intermediary and advisory team that services a select group of the most prominent real estate owners and developers across the U.S. For more information, visit www.greystone.com.
Founded in 1970 by George M. Capodagli, Capodagli Property Company has grown into a premier, full-service real estate development, construction and management company serving urban and suburban areas throughout New Jersey. Capodagli’s mission is to revitalize and transform emerging cities and towns into thriving communities through comprehensive and collaborative business plans customized for each project to maximize the value of underutilized lands. The firm has a mission of “Building on Belonging” and prides itself on building personal relationships with local governments to make sure that all projects are benefiting the entire community. For more information, visit www.capodagli.com.
About ACORE Capital
ACORE Capital, LP is a leading commercial real estate finance company and debt fund manager with approximately $17 billion of assets under management. ACORE is focused on originating, acquiring and managing first mortgages, B-notes, mezzanine debt and preferred equity throughout the United States. ACORE, which is an acronym for Alpha Commercial Real Estate, specializes in providing borrowers with customized financing solutions at competitive rates and flexible terms. For more information, please visit acorecapital.com.