JLL Capital Markets secures $75 Million in financing for Vermella Harrison

Russo Development placed five-year loan for 398-unit multifamily property

MORRISTOWN, NJ — JLL Capital Markets has arranged $75 million in financing for Vermella Harrison, a 398-unit multifamily building in Harrison.

Working on behalf of the borrower, Russo at Harrison Urban Renewal, LLC, JLL placed the five-year loan with a correspondent life insurance company.

Completed in 2015, Vermella Harrison is a six-story apartment building offering studio, one- and two-bedroom units. Unit features include stainless steel appliances, hardwood floors, in-unit washer/dryers, walk-in closets and private balconies in select units. Residents have access to a full amenity package, including a fitness center and yoga studio, bocce court, dog run, rooftop terrace, swimming pool and clubhouse. The property is 97.0% occupied and also includes five ground-floor retail spaces totaling 15,011 s/f.

Vermella Harrison is located at 1100 Frank E Rogers Blvd., just steps from Harrison Station, which provides direct PATH connectivity to NYC with seamless access to Manhattan’s financial district and midtown employment centers. Harrison represents one of the most anticipated transit-oriented redevelopment stories in the Northeast, having transformed over the past few years from abandoned rail yards and industrial buildings into a thriving mixed-use community with luxury residential developments. Just across the Passaic River lies Newark’s Central Business District, where more than 380,000 people are employed in New Jersey’s largest city. Residents benefit from exceptional transit access via the PATH system, along with convenient connectivity to Interstates 95, 280, and 78.

JLL’s Capital Markets Debt Advisory team representing the borrower was led by senior managing directors Thomas Didio and Thomas E. Didio Jr., senior director Gerard Quinn and senior analyst Tyler Caricato.

“We had strong lender interest in the offering given the strength of the borrower, the quality of the property and the exceptional location in a growing submarket outside NYC,” said Didio, Jr.