By Joshua Burd
Russo Development has secured $10 million in permanent financing for a two-building, 88-unit multifamily property in Union Township, in a transaction arranged by G.S. Wilcox & Co.
In a news release, the debt placement team said loan proceeds will support an affordable housing component of Russo’s Vermella Union campus along Morris Avenue. G.S. Wilcox President Gretchen Wilcox and Principal David Fryer sourced the seven-year financing with full-term interest only, its second loan transaction at the mixed-use development.
Amenities at Vermella Union include a fitness center, a lounge area with pool and foosball tables, a mail and package room, Amazon lockers and several offices, according to a news release. The community is also steps from The Shoppes at Vermella Union, a 35,000-square-foot retail center with a Starbucks, Panera Bread, Chipotle, Habit Burger and CVS, while Kean University is directly across the street.
“G.S. Wilcox & Co. is grateful to finance another portion of this exceptional campus,” Wilcox and Fryer said in a prepared statement. “Competitive financing remains available for strong sponsors such as Russo Development.”
