LYNDHURST, NJ—Russo Development of Carlstadt, NJ has secured $51.5 million in financing for its recently completed 296-unit Vermella at Lyndhurst multifamily development here.

The transaction was reported by HFF, which arranged the fixed-rate loan through an unnamed life insurance company. Proceeds from the loan will replace existing construction debt and provide long-term permanent financing, HFF states.

Senior Managing Director Thomas Didio and Associate Director Michael Lachs led the HFF team that represented Russo Development.

“HFF is very pleased to have assisted Russo Development in securing financing for this Class A multi-housing property,” says Didio. “This property is by far the highest quality residential complex in the area.”

Vermella Lyndhurst, which was completed in early 2014, features 296 luxury apartment units in one-, two- and three-bedroom designs ranging from 827 square feet to 1,918 square feet. Units include finishes such as hard wood floors, quartz countertops, energy efficient stainless steel appliances, in-residence washers and dryers and nine-foot ceilings. Community amenities include an 8,000-square-foot clubhouse, outdoor heated pool, fire pit, cyber café, fitness center, media lounge, billiards room and a 4,000-square-foot dog park.