Page 15 - RE-NJ

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Watchung. E.J. Moawad of Levin
Management Corp. and Cliff Simon
of CNS Real Estate represented the
landlord and tenant, respectively.
ACTIVATE GAMES leased 14,650
square feet at St. Georges Crossing,
a 343,000-square-foot shopping
center at 855 St. Georges Ave. in
Woodbridge. E.J. Moawad of Levin
Management Corp. represented the
landlord, while Michael Testa and
Kristin Martins of Catalyst Real
Estate Partners represented tenant, a
gaming and entertainment concept.
ERIAL-JARVIS LLC sold 1601
Williamstown Erial Road, an
11,528-square-foot building in
Gloucester Township, to VanRock
Properties for $1.675 million.
Cushman & Wakefi eld’s Andrew
Schwartz, Jordan Sobel, Andre
Balthazard, Dan Bottiglieri and Andy
Merin represented the seller.
A private investor acquired 25 West
Northfi eld Ave., an 8,100-square-foot
strip mall in Livingston, for $2.065
million. Matt Weilheimer and Scott
Davidovic of The Kislak Co. Inc.
represented the buyer.
THE KAMSON CORP. leased a combined
6,793 square feet at River Commons,
a mixed-use property at 764 New
Bridge Road in Teaneck, to Kids
United and Top Notch Performance
Club. JLL’s David Townes and Alana
Friedman represented the landlord in
both deals, while Rob Mackowski of
Pierson Commercial and Miriam Yu
of Coldwell Banker represented the
respective tenants.
RJB ENTERPRISES LLC leased 4,500
South Brunswick to AAMCO. The
Goldstein Group’s Neil Goldstein and
Mark Handwerker represented the
landlord, while Sydney Fiorentino
of Signature Realty represented the
tenant.
RUSSO DEVELOPMENT and THE
HAMPSHIRE COS. leased 4,347
square feet at Print House, a mixed-
use property at 150 River St. in
Hackensack, to Wonder. NAI James
E. Hanson’s Michael G. Walters,
Jonathan Kristofi ch and Cameron
Silverstein represented the landlord.
RINGWOOD ASSOCIATES LTD. leased
1,320 square feet at Ringwood Plaza,
a 46,188-square-foot complex at
109-115 Skyline Drive in Ringwood,
to Farwa Pizza LLC. Gail Alba and
Michael Rachlin of Michael Rachlin
& Co. represented the landlord, while
James Peko of Christie’s Commercial
Real Estate represented the tenant, a
Domino’s franchisee.
INSPIRING KIDS INC. leased 1,229
square feet at Mountain Plaza, a
7,229-square-foot property at 170
Route 46 in Rockaway Borough.
Kevin Pelio of Azarian Realty Co.
represented both parties.
TOZZO ROUTE 46 LLC sold 471 Route
46, a 1.6-acre development site in
Wayne, for $1.1 million. CBRE’s Marta
Villa represented the seller.
FINANCE
TYKO closed a $220 million bridge
loan to Namdar Group in connection
with 626 Newark Ave., a new 576-unit
luxury apartment building in Jersey
City. Walker & Dunlop’s Aaron Appel,
Keith Kurland, Jonathan Schwartz,
Adam Schwartz, Dustin Stolly, Sean
Reimer, Jordan Casella, Christopher
de Raet and Edward Leboyer sourced
the debt on the borrower’s behalf.
MF1 provided $40 million in permanent
fi nancing to the owner of a new luxury
apartment property in Monmouth
County. CBRE’s Matthew Pizzolato
and Josh Stein facilitated the loan on
the private borrower’s behalf.
A life insurance company originated
a $26 million loan to the owner
of Blue Star Shopping Center, a
419,926-square-foot property at 1701
Route 22 in Watchung. David Fryer
of G.S. Wilcox & Co. arranged the
loan. RE
WELLS LENDS $162
MILLION FOR NEW
RUSSO PROJECT
R usso Development has closed on
$162 million in fi nancing for its
new 534-unit high-end multifamily
development in New Brunswick,
brokers with JLL announced.
According to a news release, Wells
Fargo provided the three-year,
fl oating-rate loan in connection with
the project at 51 Route 1. The deal
comes with lease-up well underway
for the 272-unit fi rst phase, which
was roughly 65 percent rented
through mid-September, with full
stabilization expected for the fourth
quarter as Russo transforms what
was a vacant Sears property just
south of Route 18.
At full build-out, The Raye by
Vermella will consist of two fi ve-
story buildings with fl oorplans
ranging from studios to three-
bedroom homes. The developer
expects to stabilize the second
phase, which will have the
remaining 262 units, around late
summer 2027.
Rendering by Minno & Wasko Architects
and Planners/Courtesy: JLL
Minno & Wasko Architects and
Planners is the project’s architect.
“The Raye is a transformative
project for the New Brunswick’s
multi-housing market,” JLL Senior
Managing Director Thomas Didio
said. “This fi nancing package
demonstrates continued lender
confi dence in well-located, high-
quality multifamily developments
with strong sponsorship like Russo
Development.”
The JLL team of Didio, Managing
Director Thomas E. Didio Jr.,
Director Gerard Quinn and
Associate Michael Mataras sourced
the debt on Russo’s behalf, citing
New Brunswick’s continued growth
as a thriving urban center with
strong demand. That’s due in large
part to its central location, strong
commuter access and anchors such
as Rutgers University, Johnson &
Johnson, Robert Wood Johnson
University Hospital and many other
organizations.
square feet at 3974 Route 1 in the
Monmouth Junction section of
Located at 51 Route 1 in New Brunswick, The Raye by Vermella will consist of two
fi ve-story buildings with fl oorplans ranging from studios to three-bedroom homes.
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