Greystone Capital Advisors Completes $369.6 Million Bridge Financing for Capodagli Property Company's Five-Property New Jersey Multifamily Portfolio

Greystone Capital Advisors Capital Advisors has arranged a $369.6 million cross-collateralized bridge facility on behalf of Capodagli Property Company, completing a multi-phase financing that spans five newly developed Class-A multifamily properties across New Jersey. The lender on the facility is PGIM, and the transaction closed in August 2026 with an $82.6 million final tranche refinancing Meridia Roselle Park 10, a 325-unit property in Roselle Park, N.J., delivered in 2024.

Deal Structure and Phased Execution

The $369.6 million facility was structured as a cross-collateralized bridge loan, allowing Capodagli Property Company to add properties to the facility as each asset stabilized, financing the portfolio on consistent terms while preserving flexibility at the asset level. The structure was designed to enable Capodagli to eventually de-collateralize individual properties and convert to permanent financing on a property-by-property basis.

The transaction was executed in two phases. In October 2025, Greystone Capital Advisors arranged a $285.7 million bridge loan from PGIM covering the first four assets in the portfolio — Meridia Village Commons in South Orange, Meridia Pompton Lakes in Pompton Lakes, Meridia Linden 1001 in Linden, and Meridia Little Ferry in Little Ferry — refinancing existing senior debt and returning additional capital to the sponsor. The August 2026 closing of the $82.6 million tranche on Meridia Roselle Park 10 brought the total facility to $369.6 million and completed the five-property program.

Greystone Capital Advisors served as exclusive advisor on the transaction. The advisory team included Drew Fletcher, Bryan Grover, Miryam Reinitz-Kops, and Jesse Kopecky.

"Completing this facility reflects the strength of our long-term relationship with Capodagli and PGIM's continued conviction in their platform," said Drew Fletcher. "The cross-collateralized structure gave the Sponsor the ability to finance five assets on consistent terms as each came online, with the flexibility to continue enhancing property operations and convert to permanent financing."

The Five-Property Meridia Portfolio

The $369.6 million facility is secured by five newly developed Class-A multifamily assets totaling 1,340 units across major New Jersey markets. All five properties operate under the Meridia brand developed by Capodagli Property Company.

Meridia Village Commons, located at 209 Valley Street in South Orange, N.J., comprises 106 units. South Orange is a transit-oriented suburb with direct rail access to Manhattan. Meridia Pompton Lakes, located at 261 Wanaque Avenue in Pompton Lakes, N.J., contains 212 units. Meridia Linden 1001 is situated in Linden, N.J., and Meridia Little Ferry is located in Little Ferry, N.J. The four-property subset that closed in 2025 includes approximately 30,000 square feet of retail space in aggregate across those assets.

The fifth and final asset, Meridia Roselle Park 10, is a 325-unit Class-A multifamily project in Roselle Park, N.J., delivered in 2024. The property is located in an infill market with proximity to major transit corridors and thoroughfares providing access to employment centers in the greater New York City metro area. The asset benefits from a long-term PILOT agreement. The $82.6 million bridge loan refinances this property and completes the cross-collateralized facility.

Strategic Context: Bridge Financing for Newly Stabilized Assets

All five assets in the Capodagli Property Company portfolio were developed and delivered between roughly 2022 and 2024, transitioning from construction and lease-up into stabilized operations. The bridge financing structure pays off higher-risk construction loans, returns equity to the sponsor following a heavy development cycle, and preserves optionality on permanent debt execution as market conditions evolve.

The cross-collateralized approach allowed PGIM to underwrite the portfolio on a consistent basis while giving Capodagli Property Company the operational flexibility to manage each asset individually. The facility is structured to accommodate future conversion to permanent financing at the individual property level, rather than requiring a single large portfolio takeout.

About the Parties

Greystone Capital Advisors is the capital markets advisory arm of Greystone, a commercial real estate finance company. The advisory team on this transaction — Drew Fletcher, Bryan Grover, Miryam Reinitz-Kops, and Jesse Kopecky — served as exclusive advisor to Capodagli Property Company on the transaction. PGIM served as the lender across the full $369.6 million facility. Capodagli Property Company is the sponsor and owner of the five-property Meridia multifamily portfolio.

Sources

• Greystone — Greystone Capital Advisors Completes $369.6 Million Five-Property Bridge Financing for Capodagli Property Company (Aug. 20, 2026)