Russo Development Secures $162M Loan From Wells Fargo For 534-Unit Multifamily Project In New Brunswick

The asset involved in this transaction is a multifamily development located at 51 Us Route 1 in New Brunswick, NJ. This property consists of 534 units and is part of Russo Development’s project, The Raye by Vermella. The loan amount secured for this project is $162,000,000, arranged as a floating-rate loan from Wells Fargo. The first phase of the development is currently 65% leased, with expectations for full stabilization by late 2025, while the second phase is scheduled for stabilization in Q3 2027.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $162,000,000
• Address: 51 Us Route 1
• Market: New Brunswick
• Units: 534
• Lender: Wells Fargo
• Landlord: Edward Russo - Russo Development
• Brokers: Thomas (Tom) Didio, Thomas E. Didio, Jr, Gerard Quinn & Michael Mataras - JLL

The transaction was facilitated by JLL Capital Markets, which played a crucial role in arranging the loan for Russo Development. The key individuals involved from JLL include Thomas (Tom) Didio, Thomas E. Didio, Jr, Gerard Quinn, and Michael Mataras, all of whom contributed to making this financing possible for the multifamily project.