By Joshua Burd
Kushner Real Estate Group and Russo Development have broken ground on 345 luxury apartments in Morris County, having secured a $71 million construction loan for the project.
The developers on Wednesday announced that they’ve closed on the financing for what will be dubbed Rock Pointe, a garden-style community at 600 and 700 Commons Way in Rockaway. City National Bank is providing the loan in partnership with Provident Bank.
“After many years of deep respect and friendship with the Russo family, we are thrilled to finally call them our partners,” said Jonathan Kushner, president of KRE Group. “With our shared commitment to quality and resident satisfaction, we look forward to delivering an exceptional product to this desirable Morris County location.”
Designed by Minno & Wasko Architects and Planners, the project will include a mix of one-, two- and three-bedroom homes in a complex of four-story buildings. Plans also call for a host of upscale amenities, such as a pool, tennis courts and a landscaped terrace with a fire pit, along with indoor offerings including gaming and conference rooms and a dog washing area.
Leasing is slated to begin next fall, the developers said. The property is about two miles north of Interstate 80.
“We are so happy to be collaborating with KRE on this dynamic project,” said Ed Russo, CEO of Russo Development. “Our dedication to building first-class projects with unparalleled service and amenities is a value we share with our new partners, and we are excited to see our collective synergies come to life in this development.”