JLL Capital Markets on Wednesday said it arranged $80 million in pre-stabilized permanent financing on behalf of Russo Development for Vermella at Garwood Station, a newly built, 296-unit, transit-oriented, luxury apartment building located in Garwood.
JLL helped to secure a 10-year, fixed-rate, non-recourse loan through a national life insurance company.
Leasing is underway at Vermella at Garwood Station, which features apartments with gourmet kitchens, stainless steel appliances, hardwood flooring, expansive windows, 9-foot ceilings, in-unit washers and dryers, gas ranges and private balconies or patios in select units. Residents also have access to 40,000 square feet of indoor and outdoor amenities, including a fitness center, a yoga studio, a resort-style swimming pool and sundeck and an exclusive landscaped courtyard with grilling stations, seating areas, outdoor billiards and a firepit. Approximately 19,500 square feet of street-level retail space will house a café, restaurant and other convenience operators.
Situated at the intersection of South Avenue and Center Street, the property is next to Garwood Station, which provides access to New York Penn Station within 50 minutes. It also offers easy access throughout New Jersey via Route 22 and the Garden State Parkway. The community offers residents access to the downtowns of Garwood, Westfield and Cranford, including the retail and dining options off North Avenue.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Director Thomas R. Didio, Senior Director Thomas E. Didio Jr. and associate Gerard Quinn.
“JLL is pleased to work alongside Russo in securing pre-stabilized permanent financing that will allow the borrower to complete construction and lease-up of this beautifully designed, transit-oriented community,” Didio Jr. said. “The life company market met this opportunity with tremendous interest, and we are thrilled for the Russo Development team.”