Jones Lang LaSalle Incorporated: $80M in Refinancing Secured for Pre-Stabilized Multi-Dwelling Real Estate

MORRISTOWN, NJ, January 19, 2022 –JLL Capital Markets announced today that it has secured $80 million in pre-stabilized permanent financing for Vermella at Garwood Station, a newly constructed, 296-unit, transit-focused, luxury apartment complex in Garwood, New Jersey.

JLL worked on behalf of the borrower, Russo Development, LLC (“Russo”) to obtain through a national life insurance company a 10-year, non-recourse, fixed interest-free loan at a coupon of only two percent, including a nine-month advance component.

Leasing is in progress at Vermella at Garwood Station, which features apartments with chef-inspired gourmet kitchens, stainless steel appliances, hardwood floors, large windows, three-foot ceilings, built-in washers and dryers, gas ranges, and private balconies or patios in select units. Residents also have access to 40,000 square feet of indoor and outdoor amenities, including a state-of-the-art fitness center, yoga studio, resort-style pool and sundeck, and an exclusive landscaped courtyard with grill stations, seating areas, outdoor billiards, and a fire pit. Approximately 19,500 square feet of street-level retail space will house a cafe, restaurant and other convenience operators.

The property is located at the intersection of South Avenue and Center Street in the Garwood neighborhood, adjacent to Garwood Station, a New Jersey transit station that provides access to New York Penn Station within 50 minutes. In addition, the location provides easy access to all of New Jersey via Route 22 and the Garden State Parkway. The community provides residents with access to downtown Garwood, Westfield and Cranford, including the shopping and dining options at North Avenue.

The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Director Thomas R. Didio, Senior Director Thomas E. Didio, Jr. and Associate Gerard Quinn.

“JLL is pleased to partner with Russo in securing pre-stabilized permanent financing that will enable the borrower to complete the construction and lease of this beautifully designed transit-focused community,” said Didio, Jr.. The life insurance market has seized this opportunity with tremendous interest and we are excited about the Russo Development team.”

JLL Capital Markets is a global full-service provider of capital solutions for real estate investors and occupiers. Its in-depth knowledge of the local market and global investors delivers the best solutions for clients – be it investment and sales advice, debt advice, equity advice or a recapitalization. The company has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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