$80M in refinancing secured for pre-stabilized multi-housing property
JLL Capital Markets arranged the loan for Vermella at Garwood Station located in Garwood, New Jersey
MORRISTOWN, NJ, Jan. 19, 2022 – JLL Capital Markets announced today that it has arranged $80 million in pre-stabilized permanent financing for Vermella at Garwood Station, a newly built, 296-unit, transit-oriented, luxury apartment building located in Garwood, New Jersey.
JLL worked on behalf of the borrower, Russo Development, LLC (“Russo”) to secure a 10-year, fixed-rate, non-recourse loan through a national life insurance company.
Leasing is underway at Vermella at Garwood Station, which features apartments with chef-inspired gourmet kitchens, stainless steel appliances, hardwood flooring, expansive windows, nine-foot ceilings, in-unit washers and dryers, gas ranges and private balconies or patios in select units. Residents also have access to 40,000 square feet of indoor and outdoor amenities, including a state-of-the-art fitness center, a yoga studio, a resort-style swimming pool and sundeck and an exclusive landscaped courtyard with grilling stations, seating areas, outdoor billiards and a firepit. Approximately 19,500 square feet of street-level retail space will house a café, restaurant and other convenience operators.
Situated at the intersection of South Avenue and Center Street within the borough of Garwood, the property is adjacent to Garwood Station, a New Jersey transit railroad station providing access to New York Penn Station within 50 minutes. Additionally, the location offers easy access throughout New Jersey via Route 22 and the Garden State Parkway. The community offers residents access to the downtowns of Garwood, Westfield and Cranford, including the retail and dining options off North Avenue.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Director Thomas R. Didio, Senior Director Thomas E. Didio, Jr. and Associate Gerard Quinn.
“JLL is pleased to work alongside Russo in securing pre-stabilized permanent financing that will allow the borrower to complete construction and lease-up of this beautifully designed, transit-oriented community,” Didio, Jr. said. "The life company market met this opportunity with tremendous interest, and we are thrilled for the Russo Development team."
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 and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 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 $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Russo Development, LLC
Russo Development is one of the most active, privately held developers of industrial, data center, residential and mixed-use projects in northern New Jersey. Russo has earned a reputation for well-planned developments that are distinguished by their emphasis on detail and quality. Over their 50+ year history, Russo has completed more than 60 industrial projects and is one of the largest owners of data center space in the New York metropolitan area while it has delivered over 3,100 apartments since 2013. The firm’s short-term development pipeline includes over 3,500 residential units and 5 million square feet of industrial space, two of the hottest sectors in the New Jersey market. To learn more about Russo Development, please visit russodevelopment.com.