HACKENSACK, NJ-The George Capodagli Company has secured a $25.7-million construction loan with First Niagara Commercial Real Estate Group for its Meridia Hackensack apartment project here.
The project, a 222-unit Class A apartment building, is the first to be developed in the newly established rezoned area known as the “Main Street Rehabilitation Plan in” downtown Hackensack. The plan calls for a high density, mixed-use development on several lots in the downtown district.
The Meridia project will be the first substantial residential development in more than 20 years in the area, First Niagara officials state.
“We are pleased to provide the financing for this important new project that will add to the vitality of downtown Hackensack in its new redevelopment zone,” states First Niagara's Christophe Terlizzi, regional manager for the Commercial Real Estate Group. “This is another example of our commitment to providing area businesses with lending solutions that are responsive to their needs and objectives. We are actively looking for opportunities to put our capital to work for real estate investors throughout the Tri-State Region."
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
