Russo Development Secures $75 Million Loan For 398-Unit Vermella Harrison Apartment Building

The Vermella Harrison apartment building is a multifamily asset located at 1100 Frank E Rodgers Boulevard in Harrison, NJ. The property comprises 398 units and includes a retail space of 15,011 square feet situated on the ground floor. It has an occupancy rate of approximately 97%. The property secured financing in the amount of $75 million for a five-year term.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $75,000,000
• Units: 398
• Address: 1100 Frank E Rodgers Boulevard
• Market: Harrison, NJ
• Ground-floor retail space: 15,011 square feet
• Landlord: Edward Russo - Russo Development
• Brokers: Thomas E. Didio, Jr, Thomas Didio, Gerard Quinn & Tyler Caricato - JLL

The financing for the property was arranged by brokers from JLL, specifically Thomas Didio, Thomas E. Didio Jr., Gerard Quinn, and Tyler Caricato. This group played a pivotal role in securing the loan from a correspondent life insurance company.