Russo Development JV Secures Loan for New Jersey Community
- Jun 10, 2020
A joint venture of Russo Development, The Hampshire Cos. and Fourth Edition has received $48.75 million in financing to begin development of Print House by Vermella, a 271-unit luxury apartment community in Hackensack, N.J. JLL Capital Markets arranged the 60-month, floating-rate construction loan through an unidentified national bank.
The JLL Capital Markets team that represented the joint venture included Senior Managing Directors Thomas Didio, Jon Mikula and Michael Klein and Associate Andrew Zilenziger.
Located at 150 River St. near downtown Hackensack and the Bergen County Courthouse, the transit-oriented development will be adjacent to the NJ Transit Hackensack bus terminal, within five minutes of two NJ Transit stations and will also have convenient access to Interstate 80.
The fully-approved project will feature 271 market-rate and luxury units, with a mix of studio (12 percent), one-bedroom (52 percent) and two-bedroom (36 percent) floorplans. Units will include washers and dryers, spacious walk-in closets with built-in shelving, 9-foot ceilings, abundant natural light and Nu Wud flooring. The gourmet kitchens will feature quartz countertops, custom cabinetry, marble tile backsplashes and stainless-steel appliances.
Community amenities will include a swimming pool and sun deck; state-of-the-art fitness center with yoga studio and Fitness on Demand; clubroom with fireplace seating area, multiple TVs, game stations, billiards, bar area and large dining table; a private conference room; private dog walk and direct access to a new Riverwalk along the Hackensack River. Upon completion, this building will be the first of multi-phase development totaling nearly 20 acres along the Hackensack River. Future phases will include 382 additional units and about 30,000 square feet of commercial space.
Earlier this year, Russo Development opened Vermella Union, a 415-unit mixed-use development in Union, N.J., that is built on the site of the former Merck Pharmaceuticals headquarters. The property is adjacent to Kean University and the Union train station.