Greystone, a leading national commercial real finance company, has arranged a $65 million construction loan for Capodagli Property Company. The construction loan was provided by ACORE Capital (“ACORE”), a leading commercial real estate finance company and debt fund manager, to finance a to-be-developed 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, NJ.

The development is conveniently 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. Capodagli will deliver a comprehensive amenity package including a courtyard, fitness center, meeting rooms, and lounge.

Greystone Capital Advisors, led by President Drew Fletcher, and with assistance from Vice Presidents Miryam Kops and Bryan Grover, served as the exclusive advisor in arranging the financing on behalf of Capodagli.

“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 allows it to consistently deliver a high-quality differentiated rental product for the middle market,” said Mr. Fletcher. “We are excited to have delivered this execution and look forward to growing our relationships with Capodagli and ACORE.”

“We are our enthusiastic and thankful to work with the town of Roselle Park on our second multifamily project within town. They have been pivotal in helping us carry on our mission to bring affordable housing to the middle-class with a class A product,” said George Capodagli, Founder of Capodagli. “Greystone and ACORE were a pleasure to work with on this transaction and we look forward to working with them in the future,” said Mr. Capodagli.

Director Kory Klebanoff, who originated the loan for ACORE, stated, “Capodagli has found an impressive niche developing well-amenitized apartments at an affordable rent in densely populated areas throughout New Jersey. George and Drew, and their respective teams, have been great to work with and we look forward to expanding our relationship with them.”

JLL Capital Markets arranged the financing for Cityview to develop the Adams & Grand Class A apartment building in a designated Qualified Opportunity Zone 

LOS ANGELES, March 1, 2021 – JLL Capital Markets announced today that it has arranged $81 million in construction financing to develop Adams & Grand, a mid-rise, transit-oriented, multi-housing building within a Qualified Opportunity Zone in Los Angeles, California.

JLL worked on behalf of the borrower, Cityview, to secure a structured loan through ACORE Capital (“ACORE”), a leading commercial real estate finance company and debt fund manager. Construction is planned to begin immediately with completion in mid-2023. 

Adams & Grand will offer 296 studio, one- and two-bedroom apartment units, including 25 affordable apartments set aside for low-income tenants. The property will comprise one seven-story building with ground-floor retail and 360 parking spaces for residents and commercial tenants. The units will have high-end finishes such as quartz countertops, stainless steel appliances, vinyl flooring and in-unit washers and dryers. The best-in-class community amenities include a two-story clubroom, business center, two sky decks, yoga studio, fitness center, swimming pools, dog spa and bike storage. The building is designated as LEED Silver/CalGreen with energy efficient HVAC units, low flow plumbing fixtures and Nest thermostats.

Located at 2528 S. Grand Ave., Adams & Grand is near the University of Southern California, Downtown Los Angeles employment and entertainment hubs and regional medical centers. It is within walking distance to the Exposition Line Metro station stop and adjacent to the Figueroa Corridor, which has experienced investment from the Exposition Park improvements. The transit-oriented development has a Walk Score® of 92 and a Transit Score of 90, designating the location both a Walker’s and a Rider’s Paradise. 

The JLL Capital Markets team representing the borrower was led by Senior Managing Director Paul Brindley, Senior Director Anson Snyder and Analysts Chad Morgan and Lillian Roos. ACORE Managing Director Anthony Marconi originated the loan.

“High-quality housing proximate to job centers, education and medical uses remain attractive to the resident and investor,” Snyder said. “Cityview continues to deliver on this model and transform Los Angeles neighborhoods.” 

“We are very excited about the opportunity to finance a high-quality, transit-oriented project that benefits from unique demand generators in USC and several other universities located in the immediate area,” Marconi added. “This also represents the first transaction for ACORE with Cityview, an experienced and well-respected multi-housing developer, which we hope will be the first of many we do together.”

JLL Capital Markets announced today it arranged $88.89 million in construction financing to build the Fremont Apartments, a Class A multi-housing community located on the Willamette River at 1550 N.E. Naito Parkway in Portland, Oregon. 

JLL worked on behalf of a partnership between Lincoln Property Company and Bridge Investment Group to secure the loan through ACORE Capital, a leading commercial real estate finance company. The asset will be held for 10+ years as it represents an Opportunity Zone investment. 

The 227,599-square-foot high-rise, apartments will consist of 236 units, averaging 932 square feet. Sitting on 1.84 acres, the property is perfectly positioned on the waterfront of the North Pearl District. The Fremont Apartments will be the tallest building in proximity to the river in Portland and is the only new permitted residential waterfront project on the west side. The 17-story upscale tower will include a mix of studios, one-bedroom and two-bedroom floor plans. The project will offer premium interior finishes and community amenities including a resident lounge, subterranean parking garage and rooftop terrace with unobstructed views of downtown Portland and the Willamette River. The property also includes a riverfront restaurant space overlooking the Willamette River.

Formerly a corridor of warehouses, the Pearl District is one of the most sought-after neighborhoods in Portland and is known for its vibrant entertainment scene, renowned restaurants, iconic art galleries and local shops and boutiques.  

The JLL Capital Markets team representing the borrower was led by Managing Directors Jordan Angel, Doug Bond and Casey Davidson and Analysts Brock Knapp and Taylor Gimian.   

“This development will represent the best units in the burgeoning Pearl District with extraordinary views of the Willamette River,” said Angel.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit our newsroom.

Dekel Capital, on behalf of CGI Strategies, has arranged a $47.5 million bridge loan for the acquisition, renovation and stabilization of a vacant 306-unit luxury multifamily community located at 1662 Celebration Boulevard in Celebration, FL.   

Dekel Capital placed the loan with ACORE Capital, a leading commercial real estate finance company. 

Built in 2015, the 14-and-a-half-acre Class A community consists of six, four-story Art Deco-inspired residential buildings that are undergoing significant improvements to correct construction deficiencies. A portion of the financing will be used to complete the improvements, which have been engineered and approved by the County, and bring the property back to market. With repairs expected to be finished by end of year, CGI Strategies is currently marketing units, which range in size from 741 square feet to 1,371 square feet. 

“We were able to demonstrate to the lender that once the construction issues are remediated, the property will be a first-to-rent, highly amenitized community in a burgeoning multifamily market with tremendous demand drivers,” said Dekel Capital Principal Shlomi Ronen. “In addition, CGI is an experienced sponsor that has a track record of acquiring and remedying problematic real estate assets and successfully returning them to market.”   

The community will be rebranded as Astoria at Celebration and features a mix of luxury one- two- and three-bedroom units as well as first-class amenities including a clubhouse, pool, fitness studio, outdoor summer kitchens and a dog park.  The units include nine-foot ceilings, fully equipped island kitchens with stainless steel appliances, 42-inch espresso cabinets, granite countertops, full-size washers and dryers, and large walk in closets.