KRE Group & Russo Development secure $71 Million construction loan

ROCKAWAY, NJ — Two of New Jersey’s real estate development companies are teaming up to deliver a new 345-unit luxury rental community in Rockaway, NJ. Joint venture partners Kushner Real Estate Group (KRE) and Russo Development have closed on a $71 million construction loan to complete the project. The financing was provided by City National Bank in partnership with Provident Bank. Branded Rock Pointe, construction is underway on the upscale garden-style apartment community which will be part of KRE’s Garden Collection. “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.” “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.” The four-story buildings was designed by Minno & Wasko Architects and Planners. In other Russo news, the New Jersey Builders Association has recognized Russo Development’s reinterpretation of the residential rental experience with two Sales & Marketing Awards for its Vermella Union community in Union and one for Annin Lofts in Verona.

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