JLL Capital Markets announced that it has arranged $48.75 million in financing for the development of Print House by Vermella, a 271-unit, best-in-class apartment building in Hackensack, Bergen County, New Jersey.
JLL worked on behalf of the borrower, a joint venture between Russo Development, The Hampshire Companies and Fourth Edition, to secure the 60-month, floating-rate construction loan through a national bank.
Print House by Vermella will be situated in a prime location at 150 River Street near Downtown Hackensack and the Bergen County Courthouse. The transit-oriented development will also be adjacent to the NJ Transit Hackensack Bus terminal, within five minutes of two NJ Transit stations and will offer residents convenient access to Interstate 80. The fully approved project will feature 271 market-rate, luxury rental units, including a mix of studio (12 percent), one-bedroom (52 percent) and two-bedroom (36 percent) floor plans. Units will include washers and dryers, spacious walk-in closets with built-in shelving, nine-foot ceilings, abundant natural light, Nu Wud flooring, and gourmet kitchens complete with quartz countertops, custom cabinetry, marble tile backsplashes and stainless-steel energy-efficient appliances.
The resort-like amenity package will include a swimming pool and sun deck; state-of-the-art fitness center with yoga studio and Fitness on Demand; gorgeous clubroom with fireplace seating area, multiple TVs, various game stations, billiards, a bar area, and an oversized dining table; a private conference room; private dog walk; and direct access to the brand-new Riverwalk along the Hackensack River. Upon completion, this building will be the first of a multi-phase development that will total nearly 20 acres along the Hackensack River. Future phases will include an additional 382 residential units and approximately 30,000 square feet of commercial space.
The JLL Capital Markets team representing the borrower included Senior Managing Directors Thomas Didio, Jon Mikula and Michael Klein and Associate Andrew Zilenziger.
“We are pleased to help the Russo/Hampshire/Fourth Edition joint venture secure construction financing for the Print House by Vermella project on River Road,” Didio said. “The bank did a terrific job committing and closing the loan in a very difficult market.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.