As the housing market remains strong across the country, builders are finding a groove with new niches. For example, in New Jersey, a $65 million loan will fund the development of a multifamily building designed to appeal to young renters.
Amenity Rich—and Affordable Too
In the past year, many of us have learned that nesting in at home can be really nice. Now, it seems, the hunt for nicer nests is on! With home building markets going strong across the country, some builders are turning attention to other markets, like young renters. For example, in New Jersey, Capodagli Property Company is finding a niche in designing buildings that have a special appeal to young renters.
Globe Newswire reports:
Greystone, a leading national commercial real finance company, has arranged a $65 million construction loan for Capodagli Property Company. The construction loan was provided by ACORE Capital (“ACORE”), a leading commercial real estate finance company and debt fund manager, to finance a to-be-developed multifamily project totaling 325 multifamily units, 16,000 square feet of retail, and a 518-space parking garage…in Roselle Park, NJ.
The development is conveniently located less than 20 miles from New York City and is designed to appeal to young professional renters by providing a high-quality product at competitive prices. Capodagli will deliver a comprehensive amenity package including a courtyard, fitness center, meeting rooms, and lounge.
“We are our enthusiastic and thankful to work with the town of Roselle Park on our second multifamily project within town. They have been pivotal in helping us carry on our mission to bring affordable housing to the middle-class with a class A product,” said George Capodagli, Founder of Capodagli.
Whose Backing You?
Got a niche? Project waiting in the wings? Ready to get building? Come on! With a Colonial Surety Company Partnership Account® your company can:
- Leverage data on a private Owner’s Dashboard, view surety lines, adjust work on hand, analyze bids—and grow.
- Gain control of bidding and bonding, online and in real time.
- Utilize powers of attorney to seal and issue your own bid bonds—in minutes.
- Compete with fast, confidential bid bonds—no middleman.
- Order performance and payment bonds easily from a customized digital dashboard
- Track bids and work on hand in real time with free management reports.
- Speak directly with Colonial’s lead underwriter as new opportunities emerge.
Springing Into Action
Building projects of all sizes are sprouting up in New Jersey, it seems. A $1.9 billion fixed-span railroad bridge—important to the Northeast Corridor line— is slated for completion in five years. Efforts to restore 90 year old Newark Penn Station are underway and the country’s first Makerhood is slated for completion later this year.
With so much to build, why not get a surety line of credit from Colonial Surety Company? All contract companies that complete our brief pre-qualification application receive, for free, Dun & Bradstreet scores. Those who pre-qualify for a surety line of credit, go on to upload a few more documents that help Colonial better understand the operation and underwrite a Partnership Account®.
Founded in 1930, Colonial Surety Company is a leading direct writer of surety bonds and insurance products across the USA. Colonial is rated “A Excellent” by A.M. Best Company and U.S. Treasury listed.