Russo Development has launched leasing at Vermella at Garwood Station, a 296-unit luxury apartment building in Garwood, as depicted in this rendering. — Courtesy: Russo
By Tina Traster
JLL Capital Markets has negotiated $80 million in permanent financing for Vermella at Garwood Station, a new 296-unit, transit-oriented, luxury apartment building in Garwood.
The firm represented the borrower, Russo Development LLC, to secure the 10-year, fixed-rate, non-recourse loan through a national life insurance company, according to a news release. JLL Senior Managing Director Thomas R. Didio, Senior Director Thomas E. Didio Jr. and Associate Gerard Quinn led the assignment for the property at South Avenue and Center Street.
“JLL is pleased to work alongside Russo in securing prestabilized permanent financing that will allow the borrower to complete construction and lease-up of this beautifully designed, transit-oriented community,” Didio Jr. said. “The life company market met this opportunity with tremendous interest, and we are thrilled for the Russo Development team.”
Leasing is underway at Vermella at Garwood Station, which features upscale homes and 40,000 square feet of indoor and outdoor amenities, including a modern fitness center, a yoga studio, a resort-style swimming pool and sundeck and a landscaped courtyard with grilling stations, seating areas, outdoor billiards and a fire pit. Some 19,500 square feet of street-level retail space will house a café, restaurant and other convenience operators.
Situated at a busy intersection in the borough, the property is adjacent NJ Transit’s Garwood station, providing access to New York Penn Station within 50 minutes. Additionally, the location offers access throughout New Jersey via Route 22 and the Garden State Parkway, while it’s close to the downtowns of Garwood, Westfield and Cranford, including the retail and dining options off North Avenue.
Tina Traster is a freelance writer and the editor of Rockland County Business Journal. She is also a former business writer for Crain’s New York Business, real estate writer for the New York Post and staffer at the Bergen Record.
Russo unveils 296-unit rental project at Garwood train station