KRE Group And Russo Development Secure $163.9 Million Loan For Bergen Chapter Development In Paramus, NJ

The asset involved in this transaction is a development site located on Forest Avenue in Paramus, NJ. The project includes the construction of 426 apartments at Bergen Town Center. It entails two residential buildings that comprise approximately 15% affordable housing, ground-floor retail space, 810 parking spaces, and various resident amenities. The total estimated investment in this project amounts to $163.9 million.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $163,900,000
• Lender: PCCP
• Landlord: Jonathan Kushner - KRE Group
• Landlord: Edward Russo - Russo Development
• Broker Representatives: John Alascio, Alex Hernandez, Chuck Kohaut, Alan Blank & Chris Meloni - Cushman & Wakefield
• Loan Type: Construction

The individuals involved in this transaction include Jonathan Kushner and Edward Russo as landlords representing KRE Group and Russo Development respectively. The transaction was brokered by a team from Cushman & Wakefield, comprising John Alascio, Alex Hernandez, Chuck Kohaut, Alan Blank, and Chris Meloni, who played a significant role in securing the financing for this development project.