Russo Development Secures Financing for Northern NJ Data Center Property
Completed in 2009, 50 Madison Road is a 125,871-square-foot data center that is fully leased to CyrusOne.
TOTOWA, NJ—Real estate investment and development firm Russo Development of Carlstadt, NJ has secured $11 million in financing for its single-tenant data center property at 50 Madison Road here.
Brokerage firm JLL reports it arranged the 10-year, fixed-rate financing deal for Russo Development with a life insurance company.
Completed in 2009, 50 Madison Road is a 125,871-square-foot data center that is fully leased to CyrusOne. The property is located close to state Routes 202 and 46, as well as Interstate 80 in the Northern New Jersey community of Totowa.
The JLL Capital Markets team representing the borrower was led by senior managing director Thomas Didio.
Privately-held Russo Development is one of the most active developers of industrial, data center, residential, and mixed-use projects in Northern New Jersey. Over the past 45 years the firm has developed more than 8 million square feet of premier commercial space, delivered approximately 1,000 luxury apartment units, completed more than 60 industrial projects, is one of the largest owners of data center space in the New York metropolitan area.