JLL arranges $48.75M loan for NJ apartment development
Loan proceeds will fund the construction of the 271-unit Print House by Vermella
MORRISTOWN, N.J., June 8, 2020 – JLL Capital Markets announced today that it has arranged $48.75 million in financing for the development of Print House by Vermella, a 271-unit, best-in-class apartment building in Hackensack, Bergen County, New Jersey.
JLL worked on behalf of the borrower, a joint venture between Russo Development, The Hampshire Companies and Fourth Edition, to secure the 60-month, floating-rate construction loan through a national bank.
Print House by Vermella will be situated in a prime location at 150 River Street near Downtown Hackensack and the Bergen County Courthouse. The transit-oriented development will also be adjacent to the NJ Transit Hackensack Bus terminal, within five minutes of two NJ Transit stations and will offer residents convenient access to Interstate 80. The fully approved project will feature 271 market-rate, luxury rental units, including a mix of studio (12%), one-bedroom (52%) and two-bedroom (36%) floor plans. Units will include washers and dryers, spacious walk-in closets with built-in shelving, nine-foot ceilings, abundant natural light, Nu Wud flooring, and gourmet kitchens complete with quartz countertops, custom cabinetry, marble tile backsplashes and stainless-steel energy-efficient appliances.
The resort-like amenity package will include a swimming pool and sun deck; state-of-the-art fitness center with yoga studio and Fitness on Demand; gorgeous clubroom with fireplace seating area, multiple TVs, various game stations, billiards, a bar area, and an oversized dining table; a private conference room; private dog walk; and direct access to the brand-new Riverwalk along the Hackensack River. Upon completion, this building will be the first of a multi-phase development that will total nearly 20 acres along the Hackensack River. Future phases will include an additional 382 residential units and approximately 30,000 square feet of commercial space.
The JLL Capital Markets team representing the borrower included Senior Managing Directors Thomas Didio, Jon Mikula and Michael Klein and Associate Andrew Zilenziger.
“We are pleased to help the Russo/Hampshire/Fourth Edition joint venture secure construction financing for the Print House by Vermella project on River Road,” Didio said. “The bank did a terrific job committing and closing the loan in a very difficult market.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 94,000 as of March 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Russo Development
Russo Development (Russo) is one of the most experienced developers of commercial, residential and mission critical facilities in the New York Metropolitan Area. During its 45-year history, it has developed more than eight million square feet of premier commercial space throughout northern New Jersey. Russo is a fully-integrated real estate and construction firm with in-house site planning, architecture, civil engineering, construction management, general contracting, site excavation and property management capabilities. Russo utilizes a highly-successful development program to consistently meet market demand and is aggressively acquiring redevelopment opportunities and developable land throughout the region.
About The Hampshire Companies
The Hampshire Companies is a full-service, private real estate firm based in Morristown, New Jersey. The Hampshire Companies is a vibrant, dynamic organization that combines creative vision and superior execution, thereby enabling it to create and enhance value in real estate investments. Additional information on The Hampshire Companies is available online at HampshireRE.com. To stay connected with The Hampshire Companies and for updates on the latest transactions and news follow the company on Facebook, Twitter (@hampshireco) and LinkedIn.
About Fourth Edition Inc.
In July 2016, the Borg family left the publishing business in Northern New Jersey, which was a family enterprise since the 1920s. Now the family, led by the fourth-generation members, Jennifer and Stephen, are in the real estate business. Fourth Edition is a part-owner and property manager of a modern industrial site at 100 Commons Way in Rockaway Township in Morris County.
Fourth Edition is also in the process of developing its 20-acre site in Hackensack which used to house North Jersey Media Group Inc.’s corporate headquarters. The family has owned the property since the late 1940s. The company plans to develop more than 600 apartments and several retail pads. On an on-going basis, Fourth Edition is actively looking at properties to manage, invest in and/or develop.