JLL Capital Markets said recently that it has secured a $162 million financing for The Raye by Vermella, a 534-unit luxury multifamily development in New Brunswick.
JLL worked on behalf of the borrower, Russo Development, in arranging the three-year, floating-rate loan through Wells Fargo & Co.
The Raye will consist of two five-story buildings totaling 534 luxury units with a mix of studios, one-, two- and three-bedroom layouts. Phase I, totaling 272 units, is about 65% leased, with full stabilization expected by the fourth quarter this year. Phase II will add 262 units with stabilization projected for the third quarter of 2027.
Community features include concierge service, a pool courtyard with grilling areas and fire pits, fitness center, package lockers, clubroom, gaming/bar room, podcast rooms, children’s play/movie room and pet spa. Unit finishes include stainless steel appliances, hardwood floors, in-unit washer/dryers, walk-in closets and dens in select units. The property benefits from an accretive 30-Year PILOT Program.
The Raye by Vermella, located at 51 Route 1 in New Brunswick, offers access to Route 18 and the New Jersey Turnpike. The property will provide private shuttle service to the New Brunswick Train Station that provides service to New York Penn Station via NJ Transit. The train station is undergoing a major renovation.
New Brunswick’s central location and the presence of Rutgers University, numerous pharmaceutical companies such as Johnson & Johnson, and health-care institutions including Robert Wood Johnson Hospital and St, Peter’s University Hospital are creating a robust employment base in the area.
JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Managing Director Thomas Didio, Managing Director Thomas E. Didio, Jr., Director Gerard Quinn and Associate Michael Mataras.
“The Raye is a transformative project for New Brunswick’s multi-housing market,” said Didio. “This financing package demonstrates continued lender confidence in well-located, high-quality multifamily developments with strong sponsorship like Russo Development.”
