JLL secures $48.75M construction financing for Hackensack apartment project

By Eric Strauss
Hackensack | Jun 8, 2020 at 10:48 am

JLL Capital Markets said Monday it has arranged $48.75 million in financing for a Hackensack apartment building project, Print House by Vermella.

The real estate firm said it worked on the deal on behalf of the borrower, a joint venture between Russo Development, the Hampshire Cos. and Fourth Edition, to secure a 60-month, floating-rate construction loan through a national bank.

Print House by Vermella will include 271 units at 150 River St., in a transit-oriented development on a former site of the (Bergen) Record newspaper, next to the Hackensack bus terminal and near two New Jersey Transit stations, the downtown area and the Bergen County Courthouse, JLL said.

The JLL Capital Markets team included Thomas Didio, Jon Mikula and Michael Klein, senior managing directors, and Andrew Zilenziger, associate.

“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 in a prepared statement. “The bank did a terrific job committing and closing the loan in a very difficult market.”

Luxury rental units will include studio, one- and two-bedroom floor plans, and the project’s amenities will include a fitness center, swimming pool, conference room and direct access to the new Riverwalk along the Hackensack River.

Print House represents the first phase of a planned multiphase development that will bring another 382 residential units and about 30,000 square feet of commercial space to the area.

Eric Strauss | estrauss@roi-nj.com | @acerimrat