JLL Secures Nearly $49M Loan for NJ Riverfront Development
The 271-unit multifamily development, Print House by Vermella, will serve as the first phase of a multi-phase, 20-acre development along the Hackensack River.
HACKENSACK, NJ – JLL capital markets has arranged $48.75 million in financing for the development of the 271-unit apartment building, Print House by Vermella, in Hackensack, NJ.
Located near the city’s downtown neighborhood at 150 River St., Print House by Vermella will offer 271 market-rate, luxury rental units. Featuring studio, one-bedroom and two-bedroom floorplans, each apartment will offer washers and dryers, walk-in closets, nine-foot ceilings, Nu Wud flooring and gourmet kitchens equipped with quartz countertops, marble tile backsplashes, custom cabinetry and stainless-steel, energy-efficient appliances.
The apartment building will offer resort-like amenities, such as a swimming pool, sun deck, private conference room, private dog walk, state-of-the-art fitness center with a yoga studio and Fitness on Demand, and a clubroom with game stations, billiards, a bar area, fireplace seating and a large dining table.
Situated near the Bergen County Courthouse and adjacent to the NJ transit Hackensack bus terminal, the property will additionally provide direct access to the new riverwalk along the Hackensack River.
Print House by Vermella serves as the first phase of a multi-phase, 20-acre development along the Hackensack River. The multi-phase development will encompass an additional 382 residential units and 30,000 square feet of commercial space, upon completion.
JLL worked to secure the 60-month, floating-rate construction loan through a national bank, on behalf of the borrower, a joint-venture between Russo Development, The Hampshire Cos. and Fourth Edition. JLL’s capital markets team of senior managing directors, Thomas Didio, Jon Mikula and Michael Klein and associate, Andrew Zilenziger, represented the borrower.
“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. Offering investment advisory, debt placement, equity placement and recapitalization solutions to clients, the firm employs more than 3,700 capital market specialists worldwide, with offices in nearly 50 countries.
JLL is a professional services firm that specializes in real estate and investment management. The Fortune 500 company currently operates in more than 80 countries, with a global workforce of more than 93,000 professionals and an annual revenue of $18 billion.