PGIM closes final $82.6M bridge in Capodagli apartment refi

PGIM has closed the final leg of a $369.5 million apartment refinancing program in New Jersey. The new loan is an $82.6 million bridge against Meridia Roselle Park 10. That complex has 325 units in Roselle Park, N.J. Commercial Observer first reported the deal. Greystone Capital Advisors arranged the financing through Drew Fletcher, Bryan Grover, Miryam Reinitz-Kops, and Jesse Kopecky.

The loan refinances the last Capodagli Property Company asset in the portfolio. PGIM had already supplied $287 million in cross-collateralized bridge financing in the state. That money covered four other Class A multifamily properties: Meridia Village Commons in South Orange, Meridia Pompton Lakes, Meridia Linden 1001, and Meridia Little Ferry. All closed through 2025. The Roselle Park loan works out to roughly $254,000 per unit.

The new loan stands on its own. Capodagli can refinance each asset on consistent terms as it comes online and seek permanent financing at its own pace. Fletcher said the facility shows PGIM's continued conviction in Capodagli's platform.

Roselle Park is roughly 25 miles from Times Square. It sits near Newark Liberty International Airport. The complex is at 10 West Westfield Avenue.

Cross-collateralization gives the lender the whole pool as security and the sponsor a single source of funds. Uncrossing surrenders both. Each loan now stands on its own asset, so a poor performer neither drags down the other properties nor gets rescued by them. For a portfolio built in phases, that trade is usually worth making. The alternative is waiting for the slowest asset to clear before any one property can be refinanced.