FLORHAM PARK, NJ – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $73 million in financing for Vermella Harrison, a 398-unit, Class A, mid-rise multi-housing community in Harrison, New Jersey.
HFF worked exclusively on behalf of the borrower, Russo Development (Russo), to place the 10-year, fixed-rate loan through John Hancock Real Estate Finance Group.
Vermella Harrison is located at 1100 Frank E. Rodgers Boulevard South in Harrison’s waterfront redevelopment area, also known as the Riverbend District. Situated on a three-acre site, the transit-oriented property is 800 feet from the Harrison PATH station, approximately six miles north of Newark Liberty International Airport and convenient to Interstates 280, 78 and 95 providing access around northern New Jersey and into Manhattan. The five-story property has 120 studio, 260 one-bedroom and 18 two-bedroom units averaging 717 square feet surrounding a central parking structure, which allows residents direct access to each floor of the property. Community amenities include a 3,500-square-foot fitness center with yoga studio; outdoor heated swimming pool; bocce ball court; putting green; rooftop dog run; rooftop terrace with pergolas, fireplace and grilling stations; large courtyards; concierge service; and personal storage lockers on each floor. Additionally, a 4,000-square-foot amenity center is located adjacent to the main lobby and features a clubroom, conference room, bar and pool tables.
The HFF debt placement team representing the borrower was led by senior managing director Thomas Didio.
“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,” stated Didio. “HFF is pleased to have helped Russo Development secure a long-term permanent loan for such a first-class development.”
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. For more information, please visit www.russodevelopment.com.
About HFF
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.