Updated Oct 12, 2026
Russo Development Refinances Garwood, NJ Multifamily Property For $80M
400 South Avenue, Garwood, New Jersey 07027, United States
$80,000,000
Units
296
Asset Type
MultiFamily
Closing
Jan 19, 2022
About this deal
AI
Russo Development, LLC has refinanced a multifamily property with 296 units located at 400-490 South Ave in Garwood, NJ. The loan, obtained on 01/19/2022, was for an amount of $80,000,000. The 10-year, fixed-rate, non-recourse loan was secured through a national life insurance company at a low-two percent coupon, including a nine-month forward component.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $80,000,000
- Units: 296
- Address: 400-490 South Ave, Garwood, NJ
- Market: Garwood, NJ
The refinancing loan for the property was facilitated by Thomas R. Didio, Thomas E. Didio, Jr., and Gerard Quinn of JLL Capital Markets.
On the Map
$80,000,000
MultiFamily
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Players
Garwood MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.20%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93