Real Estate Journal — 30 Under 30 — February 22 - March 14, 2019 — 11C
M id A tlantic
30 U nder 30 John Longo, Capodagli Property Company/Meridia "There is always an opportunity in every development; the end goal is to build for the people"
real estate industry. George has developed and revitalized towns that many developers wouldn’t believe in and is con- tinuing to do so. George shows me on a daily basis that there is always an opportunity in every development and that the end goal is to build for the people. What outside activities do you enjoy during you free time? Outside of real estate, I en- joy golf, basketball, surfing, Philadelphia sports teams, and any day spent on the beach with friends.
hat is yourmost no- table project, deal or transaction?
strongest influence in your career? The strongest influencers in my career have been Ankit Duggal and George M. Capo- dagli. Ankit is a phenomenal deal maker and financial mas- termind. He guided me in everything from negotiating a mutually beneficial joint venture to navigating through developmental/construction issues. He is a brilliant deal maker in the real estate indus- try. George M. Capodagli, the president and founder of CPC/ Meridia, is a great visionary and pioneer in the New Jersey
Capodagli Property Co./ Meridia Head of Capital Markets & Investments Years with company/firm: 2 Years in field: 4.5 Years in real estate industry: 4.5
There are a number of proj- ects that come to mind. As a team we closed $300MM of construction and permanent financing over the last year, but the most memorable deal is our Meridia Brownstones project in Rahway, NJ. Merid- ia Brownstones is a 645,000 s/f multifamily building consist- ing of 487 class A apartment units, outdoor dining, outdoor pool, and a number of other world class amenities. The four phase opportunity zone development is located just 0.5 miles from the Rahway train station and Downtown core. All the fundamentals to make a great project were there. We have stabilized two other projects in the Rahway market, therefore have great empirical data to project rent, expenses, and demand. We ne- gotiated a phenomenal PILOT that would mutually benefit the town and our develop- ment. Lastly, we have a great construction team at CPC that had the cost down to the last screw, therefore we new exactly what to expect in cost from previous developments. The financing took was diffi- cult due to the structure of the project. We would be building the parking deck for phase 1B despite only finishing the units for Phase 1A, which cre- ated issues from many lend- ers. Also, we wanted a pari passu structure on the loan, which is not common in the construction lending world. Most lenders require the full equity requirement up front, but the pari passu structure can create a lot of financial flexibility. After a lot of hard work and negotiating from all sides in the transaction, we finalized a great construction loan and are 50% complete of Phase 1A. We are looking to start leasing in Q1 2020. How do you contribute to your company and / or the industry? Being the Head of Capital Markets & Investments, you are required to wear many hats, which include under- writing and approving all new developments, structuring PI- LOTs with towns, originating all construction and perma- nent debt, and sourcing any equity if needed. This requires me to be continually be estab- lishing new relationships and
maintaining the current ones, while spending many hours of the day in excel. In 2019, I am looking to establish an advisory arm of the company
to use our large pool of experi- ence and lending relationships to assist developers in putting deals together and financing. Who or what has been the
Exceptional, Class A Multifamily
Year Built: 2014 125 Class A units
109,000 rentable sq ft.
Energy Star rated energy efficient building
GE Energy star rated appliances
219 Car Garage
24 hour fitness center Tenant lounges and business center Approx. 1.2 acre(s) Granite Countertops Hardwood Floors Fabulous City Views
6035 Park Avenue, West New York, NJ 07093
Additional Informaiton : Meridia Park Avenue is a Class A, luxury apartment complex located with West New York, Hudson County, New Jersey’s densely populated and developed residential neighborhood. The property is a five-story building with an additional lower level. Which will consist of a two level enclosed parking garage that will base four additional stories. This location provides residents with access to local retail, dining, entertainment, as well as the proximity to New York City. The subject neighborhood continues to be in its growth cycle with several residential developments currently under construction or planned.
John Longo 908.982.4052
Please call to arrange a private viewing and receive financials
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