Russo Development Secures $90 Million Loan For Multifamily Property On Vermella Way
FINANCED
$90,000,000
New Jersey
See Similar DealsMultiFamily
Financed 04/03/2023
FINANCED
Russo Development Secures $90 Million Loan For Multifamily Property On Vermella Way
4 Vermella Way
See Similar DealsMultiFamily
Financed 04/03/2023
Summary
NEW JERSEY
Asset Type:MultiFamily
Transaction Type:Loan
A seven-year, $90,000,000 loan has been secured for the multifamily property located at 4 Vermella Way in Union. The property consists of 309 units and is owned by Russo Development. The transaction was facilitated by brokers Gretchen Wilcox and David Fryer from G.S. Wilcox & Co.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $90,000,000
- Units: 309
- Address: 4 Vermella Way
- Market: Union
Gretchen Wilcox and David Fryer from G.S. Wilcox & Co played a key role in the loan transaction. They represented the buyer and facilitated the seven-year loan agreement. The involvement of these brokers highlights their expertise in the Union market and their ability to successfully secure significant financing for multifamily properties.
Players
LANDLORD
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$90,000,000.00
Monthly NOI$600,000.00
Monthly Debt Service$568,861.22
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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