NJ Multifamily Development Lands $31M Loan

Capodagli Property Co. has landed a $31 million loan to construct the first, 172-unit phase of Meridia Brownstones, a 487-unit planned community in northern New Jersey. Avison Young secured the construction mortgage from Sterling National Bank on the borrower’s behalf. Capodagli acquired the project site in 2015, according to Union County records. Located on 6.5 acres at 1900 Elizabeth Ave. in Rahway, the development site is positioned three miles from the New Jersey Turnpike, enabling access into Manhattan, 20 miles away. Rahway’s train station operates a short distance away, offering a key transportation link to the rest of the region.