The final element of a comprehensive refinancing of a 1,300-unit apartment portfolio has been completed. As first announced, Capodagli Property Company has received USD 82.6 million to refinance Meridia Roselle Park 10. This complex in Roselle, N.J., comprises 325 Class A multifamily residential units.
PGIM provided the debt in the form of a bridge loan. The transaction was brokered by Drew Fletcher, Bryan Grover, Miryam Reinitz-Kops, and Jesse Kopecky of Greystone Capital Advisors. This latest transaction complements the USD 287 million cross-collateralised bridge financing previously granted by PGIM in 2025 for four other Class A multifamily properties in New Jersey.
Comprehensive Portfolio Financing
In total, PGIM provided loans amounting to USD 369.5 million for a multifamily portfolio comprising 1,340 residential units. This portfolio includes Meridia Village Commons at 209 Valley Street, South Orange, N.J.; Meridia Pompton Lakes at 61 Wanaque Avenue, Pompton Lakes, N.J.; Meridia Linden 1001 at 1001 West Elizabeth Avenue, Linden, N.J.; and Meridia Little Ferry at 110 Bergen Turnpike, Little Ferry, N.J.
Meridia Roselle Park 10 is located at 10 West Westfield Avenue in Roselle Park, N.J., a suburb near Newark Liberty International Airport and 25 miles southwest of Times Square in Manhattan. Drew Fletcher of Greystone stated that splitting the originally cross-collateralised structure into separate transactions allowed Capodagli Property Company to refinance each property.
Flexibility and Relationship Management
This approach allowed each property to be “refinanced on consistent terms as it became operational,” giving each transaction the flexibility to seek permanent financing on its individual terms. Fletcher emphasised that the closing of this financing reflects the strength of the long-standing relationship with Capodagli and PGIM’s continued confidence in their platform.
The unbundling of the original cross-collateralised master facility enabled a tailored financing strategy that addressed the specific requirements of each asset, creating optimal conditions for long-term financing.
