FLORHAM PARK, NJ – HFF announced today that it has arranged a construction loan for Meadow Crossing, a to-be-built, 172-unit, luxury multi-housing community in Lyndhurst, New Jersey.
HFF worked on behalf of the borrower, Russo Development, to secure the 24-month loan through Wells Fargo Bank, National Association. Loan proceeds will cover construction costs for Phase I of the property.
Upon completion in 2012, Meadow Crossing will have four residential buildings with one-, two- and three-bedroom units averaging 1,030 square feet each. Community amenities will include a clubhouse with fitness center, billiards/recreation room, dining room and outdoor pool. The development will be constructed in two phases; 172 units represented in this phase and 124 to be developed at a later date. Meadow Crossing is located at 340 Orient Way within walking distance of the Kingsland Train Station and the Lewandowski Shopping Center in Lyndhurst, about seven miles west of Manhattan along the Route 3 corridor.
The HFF team representing Russo Development was led by senior managing director Thomas Didio and associate director Michael Lachs.
“This project will be one of the most desirable ‘Class A’ luxury apartment communities in Northern New Jersey. Russo Development has a long history of building high-quality, commercial and residential properties and we at HFF are pleased to have assisted in securing financing,” said Didio.
Russo Development is a privately-owned real estate development firm located in Carlstadt, New Jersey. The firm has developed more than seven million square feet of commercial, industrial, residential and mission critical data center space since its founding in 1969.
Holliday Fenoglio Fowler, LP (“HFF”) and HFF Securities LP (“HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 19 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, advisory services, structured finance, private equity, loan sales, and commercial loan servicing. www.hfflp.com