New Jersey Community Wins $73M in Financing
- Aug 25, 2016
New York—In a deal worth $73 million, HFF secured financing for Vermella Harrison, a 398-unit, Class A multifamily community in Harrison, N.J.
Working on behalf of borrower Russo Development, HFF placed the 10-year, fixed-rate loan with John Hancock Real Estate Finance Group. A debt placement team led by HFF Senior Managing Director Thomas Didio represented Russo in the financing deal.
“The ability to lease this property as quickly as Russo did is a testament to both the quality of the asset and its proximity to New York City train access,” Didio said in a statement. “HFF is pleased to have helped Russo Development secure a long-term permanent loan for such a first-class development.”
Located at 1100 Frank E. Rodgers Blvd. S., in the Kearny-Lyndhurst submarket, Vermella Harrison was recently completed and is managed by Roseland Property. The transit-oriented property is conveniently situated near the Harrison PATH station and Newark Liberty International Airport, with easy access to Interstates 280, 78 and 95. The five-story asset incorporates 120 studio, 260 one-bedroom and 18 two-bedroom units averaging 717 square feet. Community amenities include a 3,500-square-foot fitness center with yoga studio, an outdoor swimming pool and a 4,000-square-foot amenity center adjacent to the main lobby, among many others. According to data collected by Yardi Matrix, the property also includes 10,000 square feet of retail space and 440 parking spaces.
Image courtesy of Yardi Matrix