Capodagli Property Company secured a $31m loan for the construction of the first phase of the Meridia Brownstones. The funding will be used to build the first 172 units out of 487 units planned in northern New Jersey. Avison Young secured the construction loan from Sterling National Bank on the borrower’s behalf. The company’s Meridia multifamily communities total more than 1,000 rental apartments, valued at more than $500m, throughout the New Jersey region.
“This is a beautifully designed and well-located multifamily development, and we’re pleased to broker a financing solution to help Capodagli Property Company with its initial construction of the project,” said George Gnad of Avison Young. “There is strong interest in this neighborhood among residential tenants, and a new offering such as this is poised to take advantage of that market demand.”
