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| Rendering of planned Print House by Vermella, a 271-unit, best-in-class apartment building in Hackensack, Bergen County, NJ |
MORRISTOWN, NJ – JLL Capital
Markets announced it has arranged $48.75 million in financing for the
development of Print House by Vermella, a 271-unit, best-in-class
apartment building in Hackensack, Bergen County, New Jersey.
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| Thomas Didio |
Print House by Vermella will be situated in a prime location at
150 River Street near Downtown Hackensack and the Bergen County Courthouse.
The transit-oriented development will also be
adjacent to the NJ Transit Hackensack Bus terminal, within five minutes of two
NJ Transit stations and will offer residents convenient access to Interstate
80.
The
fully approved project will feature 271 market-rate, luxury rental units,
including a mix of studio (12%), one-bedroom (52%) and two-bedroom (36%) floor
plans.
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| Jon Mikula |
Units will include washers and dryers, spacious
walk-in closets with built-in shelving, nine-foot ceilings, abundant natural
light, Nu Wud flooring, and gourmet kitchens complete with quartz countertops,
custom cabinetry, marble tile backsplashes and stainless-steel energy-efficient
appliances.
The resort-like amenity package will include a swimming pool and
sun deck; state-of-the-art fitness center with yoga studio and Fitness on
Demand; gorgeous clubroom with fireplace seating area, multiple TVs, various
game stations, billiards, a bar area, and an oversized dining table; a private
conference room; private dog walk; and direct access to the brand-new Riverwalk
along the Hackensack River.
Upon completion, this building will be the first
of a multi-phase development that will total nearly 20 acres along the
Hackensack River. Future phases will include an additional 382 residential
units and approximately 30,000 square feet of commercial space.
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| Michael Klein |
The JLL Capital Markets team representing the borrower included
Senior Managing Directors Thomas Didio, Jon Mikula and Michael Klein and
Associate Andrew Zilenziger.
“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,” Didio said. “The bank did a terrific job committing and closing
the loan in a very difficult market.”
JLL
Capital Markets is a full-service global provider of capital solutions for real
estate investors and occupiers.
The firm's in-depth local market and global investor
knowledge delivers the best-in-class solutions for clients — whether investment
advisory, debt placement, equity placement or a recapitalization.
The firm has more
than 3,700 Capital Markets specialists worldwide with offices in nearly 50
countries.
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| Andrew Zilenziger |
For more news, videos and research resources on JLL, please visit
the firm’s U.S. media center Web page: U.S. newsroom.
About Russo
Development
Russo
Development (Russo) is one of the most experienced developers
of commercial, residential and mission critical facilities in the New York
Metropolitan Area.
During
its 45-year history, it has developed more than eight million square feet of
premier commercial space throughout northern New Jersey.
Russo is
a fully-integrated real estate and construction firm with in-house site
planning, architecture, civil engineering, construction management, general
contracting, site excavation and property management capabilities.
Russo
utilizes a highly-successful development program to consistently meet market
demand and is aggressively acquiring redevelopment opportunities and
developable land throughout the region.
CONTACT:
Kristen Murphy
JLL Senior Manager
Public
Relations
Phone: +1 617 848 1572
