(Mark Your Calendars: RealShare New Jersey 2011, September 13 in New Brunswick. RealShare New York takes place Oct. 12 at the Marriott Marquis.)
LYNDHURST, NJ-HFF has arranged a construction loan for Russo Development for Meadow Crossing, a planned 172-unit, luxury multi-housing community at 340 Orient Way here. The 24-month loan was arranged through Wells Fargo Bank National Association to cover construction costs for the project’s first phase. The sum is confidential, says an HFF spokesperson.
“This project will be one of the most desirable ‘class A’ luxury apartment communities in Northern New Jersey. Russo Development has a long history of building high-quality, commercial and residential properties and we at HFF are pleased to have assisted in securing financing,” says HFF senior managing director Thomas Didio in a statement. Didio and associate director Michael Lachs, represented Carlstadt, NJ-based Russo.
To be built at the former Bedrock Contracting site, Meadow Crossing will consist of four residential buildings with one- two- and three-bedroom units when it is completed in 2012. The first phase of construction will consist of 172 units, with 124 units to be built at a later date. Also to be built are amenities including a clubhouse with fitness center, billiards/recreation room, dining room and outdoor pool.
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