ACORE Capital has funded a US$65 million construction loan for a 325-unit apartment development arranged by Greystone in Roselle Park, New Jersey. Capodagli Property Company to finance the planned 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. 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. 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.
The project will be geared towards young professionals and will include amenities, such as a fitness center, meeting rooms, a resident lounge, and a courtyard, according to Greystone. It will be the second residential rental property Capodagli Property Company has built-in Roselle Park, according to the firm’s founder, George Capodagli. Capodagli said in a statement that the town of Roselle Park has “been pivotal in helping us carry on our mission to bring affordable housing to the middle-class with a Class A product.”
The company has a history of roving around New Jersey, redeveloping existing structures or unused lots into attractive multifamily assets, such as Meridia Main Station in Bound Brook and Meridia Park Avenue in West New York. This new development in Roselle Park will join the firm’s other project in the area, called Meridia on Westfield, which is located at 240 West Westfield Avenue. “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 allow it to consistently deliver a high-quality differentiated rental product for the middle market,” said Drew Fletcher, the president of Greystone Capital Advisors.