Russo Development Refinances Garwood, NJ Multifamily Property For $80M
400-490 South Avenue
MultiFamily
Financed 1 year ago
Summary
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.
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400-490 South Avenue
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