A rendering of Print House by Vermella, a planned 271-unit luxury apartment building at 150 River St. in Hackensack — Courtesy: JLL
By Joshua Burd
A development group has secured a nearly $49 million construction loan for a 271-unit luxury apartment building in Hackensack, under a newly announced transaction by JLL.
Brokers with the firm represented the borrower, a joint venture of Russo Development, The Hampshire Cos. and Fourth Edition, in sourcing the $48.75 million loan. A national bank is providing the 60-month, floating-rate financing for the project at 150 River St., otherwise known as Print House by Vermella.
“We are pleased to help the Russo/Hampshire/Fourth Edition joint venture secure construction financing for the Print House by Vermella project on River Road,” said Thomas Didio, a member of the JLL capital markets team. “The bank did a terrific job committing and closing the loan in a very difficult market.”
Didio completed the transaction alongside fellow senior managing directors Jon Mikula and Michael Klein, along with Associate Andrew Zilenziger. In a news release, they noted the project’s location near downtown Hackensack and the Bergen County Courthouse.
The fully approved project will redevelop the former home of The Record, the prominent northern New Jersey newspaper, with an initial phase of 271 market-rate apartments. The mix of studio, one-bedroom and two-bedroom units will include high-end design, while residents will have access to amenities such as a swimming pool and sun deck, high-end fitness center and a lavish clubroom and a private conference room.
Upon completion, the building will be the first of a multiphase development that will total nearly 20 acres along the Hackensack River, JLL said. Future phases will include an additional 382 residential units and some 30,000 square feet of commercial space.
The development will also be adjacent to NJ Transit’s Hackensack bus terminal and within five minutes of two rail stations, while offering easy access to Interstate 80.