Vermella Harrison, a 398-unit, Class A multifamily mixed use community in Harrison, NJ has received $73 million in financing for its developer, Russo Development. Located at 1100 Frank E. Rodgers Blvd. S. in the Kearny-Lyndhurst submarket, the five-story asset incorporates 120 studio, 260 one-bedroom and 18 two-bedroom units averaging 717 sqf. Community amenities include a 3,500 sqf fitness center with yoga studio, an outdoor swimming pool, 10,000 sqf of ground floor retail space and 440 parking spaces. Working on behalf of the borrower, HFF placed the 10-year, fixed-rate loan with John Hancock Real Estate Finance Group.
“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,” said Thomas Didio, Senior Managing Director HFF. “HFF is pleased to have helped Russo Development secure a long-term permanent loan for such a first-class development.”
