Construction Loan Secured for 198-Unit Jersey Shore Multifamily Project

• Cushman & Wakefield arranged construction financing for the Mara by Vermella multifamily development in Belmar, New Jersey.
• The project will include 198 apartments, 20 affordable housing units, and retail space near the Jersey Shore.
• Russo Development is developing the project, with financing placed through PNC Bank.

What the Mara by Vermella Project Includes

Construction financing has been secured for Mara by Vermella, a new mixed-use multifamily development planned in Belmar along the Jersey Shore. The project will bring 198 residential units to a 3.2-acre site and will also include 20 affordable housing apartments alongside 5,480 square feet of retail space. Amenities are designed around lifestyle and remote work flexibility, with plans calling for a pool, fitness center with yoga studio, coworking spaces, resident lounges, and outdoor grilling and dining areas.

What the Financing Means for the Development

Russo Development is leading the project as demand for high-quality multifamily housing continues growing across coastal New Jersey markets. The financing was arranged by John Alascio, Chuck Kohaut, and Meredith Donovan through PNC Bank on behalf of the borrower. While the loan amount was not disclosed, the deal reflects continued lender interest in multifamily projects located in high-demand lifestyle and commuter markets.

What This Says About the Jersey Shore Multifamily Market

New Jersey shore communities have continued attracting residential development as buyers and renters increasingly prioritize coastal living, flexible work environments, and lifestyle-driven amenities. Developers have also remained active in mixed-use projects that combine housing with retail and community-oriented spaces, particularly in walkable neighborhoods near transit and waterfront destinations. Belmar has become an attractive location because of its access to beaches, downtown retail corridors, and regional transportation links connecting residents to larger employment centers.

What the Project Could Mean for Belmar

Mara by Vermella could add a significant amount of new housing inventory to Belmar while helping expand the area’s mixed-use residential pipeline. The inclusion of affordable housing units also aligns with broader efforts across New Jersey to increase housing accessibility in high-demand coastal communities where affordability pressures continue rising.