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LITTLE FERRY, N.J. — SCALE Lending, the debt financing arm of Slate Property Group, has provided a $75 million bridge loan for a 294-unit project that is nearing completion in the New York City suburb of Little Ferry. Located at 110 Bergen Turnpike, the asset is expected to receive its temporary certificate of occupancy during the current quarter. The property will also feature 8,356 square feet of retail space.
The borrower was New Jersey-based developer Capodagli Property Co. The loan features an 18-month term with two six-month extension options. The financing will be used to retire an existing $71 million construction loan, which SCALE Lending provided in 2021, and to complete lease-up of the project.