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Capodagli Property secures $67.5M for Meridia Rahway Brownstones II
The $67.5 million construction loan is set for a 30-month term, with two six-month extension options.
Capodagli Property Company has secured $67.5 million in construction financing to develop the 200-unit second phase of Meridia Rahway Brownstones, a five-story multifamily project in Rahway, New Jersey, Commercial Observer reports.
Slate Development’s Scale Lending provided the debt, structured as a 30-month term with two six-month extension options, and intended to retire an existing senior loan while funding final construction, according to the release cited by the outlet.
The transaction did not list a broker, because it involved a direct relationship between lender and sponsor, Commercial Observer adds. The second phase is located at 1999 Elizabeth Avenue, and the site was acquired by Capodagli Property Company in 2012 after the land was rezoned from industrial to residential use.