Investment manager PGIM has provided an $82.6m (€70.7m) loan to refinance a US multifamily property owned by Capodagli Property.
The financing, arranged by Greystone Capital Advisors, will refinance a 325-unit property in Roselle Park, New Jersey, delivered in 2024.
The transaction represents the fifth and final property to close under a $369.6m cross-collateralised bridge facility provided by PGIM, following $287m funded across four assets last year.
The cross-collateralised structure allowed Capodagli to add properties to the facility as they stabilised.
Drew Fletcher, president of Greystone Capital Advisors, said: “Completing this facility reflects the strength of our long-term relationship with Capodagli and PGIM’s continued conviction in their platform.
“The cross-collateralised 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.”
To read the latest IPE Real Assets magazine click here.
