By Joshua Burd
HFF has secured $73 million in financing for Russo Development’s recently completed, 398-unit multifamily community in Harrison, the real estate services firm said Wednesday.
In a news release, HFF said it worked exclusively on behalf of the Carlstadt-based developer to place the 10-year, fixed-rate loan for the community known as Vermella Harrison. The loan was obtained through John Hancock Real Estate Finance Group, with HFF Senior Managing Director Thomas Didio leading the debt placement team that represented Russo.
The five-story community, located at 1100 Frank E. Rodgers Blvd. South, sits within Harrison’s waterfront redevelopment area. It is among several recent mixed-use redevelopment projects in the district hoping to capitalize on its location along the Harrison PATH station and its quick access to Interstate 280 and the New Jersey Turnpike.
The property has 120 studio, 260 one-bedroom and 18 two-bedroom units averaging 717 square feet surrounding a central parking structure, allowing residents direct access to each floor of the property, the news release said. Community amenities include a fitness center with yoga studio, outdoor heated swimming pool, bocce ball court and several others, along with a 4,000-square-foot amenity center adjacent to the lobby.
“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,” Didio said in a prepared statement. “HFF is pleased to have helped Russo Development secure a long-term permanent loan for such a first-class development.”