PGIM provides $82.6 million bridge loan for New Jersey apartment complex

Capodagli Property Company has secured an $82.6 million bridge loan from PGIM to refinance Meridia Roselle Park 10, a 325-unit Class A multifamily complex located in Roselle Park, New Jersey.

This transaction marks the final stage of a larger portfolio refinancing project. Previously, PGIM provided $287 million in cross-collateralized bridge financing for four other Class A multifamily assets in New Jersey. By transitioning from a cross-collateralized structure to individual deals, the company can refinance assets on consistent terms as they reach operational maturity, allowing for more flexible permanent financing.

The broader 1,340-unit portfolio includes Meridia Village Commons in South Orange, Meridia Pompton Lakes in Pompton Lakes, Meridia Linden 1001 in Linden, and Meridia Little Ferry in Little Ferry. Greystone Capital Advisors arranged the transaction.