Russo Lands $80M Loan for NJ Development
JLL Capital Markets arranged the financing through a national life insurance company.
Russo Development has obtained $80 million in permanent financing for the newly constructed Vermella at Garwood Station transit-oriented apartment building in Garwood, N.J. JLL Capital Markets arranged the 10-year, fixed-rate nonrecourse loan through a national life insurance company.
Russo began construction on Vermella at Garwood Station on a former industrial site in late 2018 and had started leasing at the property in December 2021. The project was designed by Minno & Wasko Architects and Planners, according to Real Estate NJ.
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The 296-unit Vermella at Garwood Station, located at 450 South Ave., offers studio, one- and two-bedroom units, ranging from 489 square feet to 1,503 square feet. Unit amenities include chef-inspired gourmet kitchens, stainless steel appliances, hardwood flooring, expansive windows, 9-foot ceilings, in-unit washers and dryers, gas ranges and private balconies or patios in select units.
The property also features around 40,000 square feet of indoor and outdoor amenities, including a state-of-the-art fitness center, a business center, a clubhouse, a children’s playroom, a media room, a yoga studio, a resort-style swimming pool and sundeck, an exclusive landscaped courtyard with grilling stations, seating areas, outdoor billiards and a firepit.
Vermella at Garwood Station has 19,500 square feet of ground-level retail space that will house a café, restaurant and other convenience tenants.
The property is in downtown Garwood at the corner of South Avenue and Center Street, one block from Garwood Station on NJ Transit’s Raritan Valley Line. Vermella at Garwood Station residents have access to downtown Westfield and downtown Cranford as well as the Garden State Parkway and Routes 27 and 22.
Russo Development has plans to expand Vermella at Garwood Station, according to Yardi Matrix. Phase two of the project could feature the addition of 72 apartment units.
Senior Managing Director Thomas Didio, Senior Director Thomas Didio Jr. and Associate Gerard Quinn with the JLL Capital Markets Debt Advisory team represented Russo in the financing transaction.