Capodagli Property Company Secures $67.5M for Second Phase of Rahway Multifamily Project

Capodagli Property Company has secured $67.5 million in construction financing from SCALE Lending, a division of Slate Development, for the second phase of its Meridia Rahway Brownstones project in Rahway, New Jersey. This funding will facilitate the construction of 200 new multifamily units, alongside 2,000 square feet of ground-floor retail space and 493 parking spots. Six of the residential units will be designated as affordable housing.

The development, situated at 1999 Elizabeth Avenue, is proceeding on a site that Capodagli Property Company initially acquired in 2012 and subsequently rezoned from industrial to residential use. The first phase, comprising 298 units, was completed in 2022. Martin Nussbaum, co-founder of Slate Property Group, highlighted the success of the initial phase as evidence of market demand in the area. The 30-month loan includes two six-month extension options and will retire an existing senior loan. This financing enables the completion of a significant mixed-use residential complex, transforming a former industrial parcel into a vibrant community asset.