Designed by Rotwein+Blake, Mara by Vermella will bring 198 luxury apartments and nearly 5,500 square feet of amenity space to a 3.23-acre site at 800 River Road in Belmar. — Rendering courtesy: Cushman & Wakefield
By Joshua Burd
Russo Development has secured construction financing for a project that will bring 198 new apartments to Belmar’s seaport district, brokers with Cushman & Wakefield announced.
The luxury complex, Mara by Vermella, will rise on a 3.23-acre site at 800 River Road and directly across from NJ Transit’s Belmar station, according to the debt placement team. Plans call for 178 market-rate apartments and 20 affordable units, along with 5,480 square feet of amenity space and parking for 254 cars, all in a location directly adjacent to Route 35 and steps from the Shark River.
Cushman’s John Alascio, Chuck Kohaut and Meredith Donovan sourced the loan with PNC Bank, working on Russo’s behalf. Terms were not disclosed.
“We are pleased to have partnered again with Russo Development to facilitate the financing for this best-in-class multifamily development, which will introduce a new standard of luxury rental housing to Belmar,” said Kohaut, an executive director with C&W. “Russo’s sterling reputation, combined with the project’s transit-oriented location and limited new construction in Monmouth County, created a highly attractive financing opportunity. This transaction reflects the substantial lender appetite for best-in-class sponsors delivering differentiated product in high-barrier coastal markets.”
Located within Belmar’s Seaport Redevelopment Zone, the project will redevelop sites long home to the Belmar Motor Lodge, Waterview Pavilion and Riverview Pavilion, according to published reports. The borough’s planning board approved the proposal late last summer, paving the way for what will be another addition to Russo’s fast-growing multifamily portfolio.
Designed by Rotwein+Blake, Mara by Vermella will have amenities such as a fitness center and yoga studio, a coworking and resident lounge space, an outdoor pool and sundeck, private grilling and dining areas and expansive outdoor gathering areas.
