Printer-friendly version FLORHAM PARK, NJ - July 8, 2014 – HFF announced today that it has arranged $51.5 million in financing for Vermella Lyndhurst, a 296-unit, Class A multi-housing community in Lyndhurst, New Jersey.
HFF worked on behalf of the borrower, Russo Development, to secure the fixed-rate loan through a life insurance company. Proceeds from the loan will replace existing construction debt and provide long-term permanent financing.
Vermella Lyndhurst is located within walking distance of the Kingsland commuter rail station and seven miles west of Manhattan along the Route 3 corridor, providing access to Route 17, 21 and the New Jersey Turnpike. Completed in early 2014, the property features 296 luxury apartment units in one-, two- and three-bedroom configurations ranging between 827 to 1,918 square feet. Units feature best-in-class 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.
The HFF team representing the borrower was led by senior managing director Thomas Didio and associate director Michael Lachs.
“HFF is very pleased to have assisted Russo Development in securing financing for this Class A multi-housing property,” stated Didio. “This property is by far the highest quality residential complex in the area.”
Russo Development is one of the most experienced developers of commercial, residential and mission critical facilities in the New York Metropolitan Area. During its 40-year history, it has completed more than 60 build-to-suit projects in northern New Jersey. Russo is a fully-integrated real estate and construction firm with in-house site planning, architecture, civil engineering, construction management, general contracting, site excavation, and property management capabilities. Russo Development utilizes a highly successful development program to consistently meet market demand and is aggressively acquiring redevelopment opportunities and developable land throughout the region. For more information please visit www.russodevelopment.com.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter at twitter.com/hff.