110-Bergen-Turnpike-Little-Ferry-New-Jersey

SCALE Lending Provides $75M Bridge Loan for Northern New Jersey Multifamily Project

by Taylor Williams

LITTLE FERRY, N.J. — SCALE Lending, the debt financing arm of Slate Property Group, has provided a $75 million bridge loan for a 294-unit multifamily project that is nearing completion in the Northern New Jersey community of Little Ferry. The property at 110 Bergen Turnpike includes 8,356 square feet of retail space and is expected to receive its temporary certificate of occupancy during the current quarter. The borrower is Capodagli Property Co., a New Jersey-based family-owned development firm. Proceeds from the 18-month loan, which also carries two six-month extension options, will be used retire the existing $71 million construction loan (also provided by SCALE) and to complete lease-up of the project.

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