SCALE Lending Provides $67.5 Million Construction Loan For Capodagli Property Company Development In Rahway

The property asset involved in this transaction is a development site located at 1999 Elizabeth Avenue in Rahway, NJ. This project has a total built square footage of 168,500 and is poised for the construction of a 200-unit residential building featuring one- and two-bedroom apartments, alongside 2,000 square feet of retail space and 493 parking spaces. The construction is funded through a loan amounting to $67,500,000, with a loan term of 30 months and two six-month extension options. The completion of the project is expected in November 2028.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $67,500,000
• Asset Address: 1999 Elizabeth Avenue
• Market: Rahway, NJ
• Loan Type: Construction
• Loan Terms: 30 months with two six-month extension options
• Lender: Martin Nussbaum - SCALE Lending (Slate Property Group)
• Landlord: George Capodagli & John Longo - Capodagli Property Company

This transaction involves key individuals and companies such as Martin Nussbaum representing SCALE Lending, which is part of Slate Property Group, and George Capodagli along with John Longo, who are with Capodagli Property Company. Their involvement highlights the collaboration between lending institutions and property development firms in major real estate projects.