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ACORE funds $65M construction loan for NJ rental development

ACORE Capital has funded a $65 milion construction loan for a 325-unit apartment development in Roselle Park, NJ.

Greystone arranged the loan for Capodagli Property Company to finance the planned multifamily project totaling 325 multifamily units, 16,000 s/f of retail, and a 518-space parking garage, located at 10 Westfield Avenue West in Roselle Park.

The development is 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 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 Fletcher.

DREW 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.”

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.”

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