The HFF debt placement team representing the borrower was led by senior managing director Thomas Didio.

“The ability to lease this property as quickly as Russo did is a testament to both the quality of the asset and its proximity to New York City train access,” says Didio. “HFF is pleased to have helped Russo Development secure a long-term permanent loan for such a first-class development.”

Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.

FLORHAM PARK, NJ—Holliday Fenoglio Fowler secured $73 million in financing for Vermella Harrison, a 398-unit, class A, mid-rise multi-housing community in Harrison, NJ.

HFF worked exclusively on behalf of the borrower, Russo Development, to place the 10-year, fixed-rate loan through John Hancock Real Estate Finance Group.

Vermella Harrison is located at 1100 Frank E. Rodgers Boulevard South in Harrison's waterfront redevelopment area, also known as the Riverbend District. Situated on a three-acre site, the transit-oriented property is 800 feet from the Harrison PATH station, approximately six miles north of Newark Liberty International Airport and convenient to Interstates 280, 78 and 95 providing access around northern New Jersey and into Manhattan.

The five-story property has 120 studio, 260 one-bedroom and 18 two-bedroom units averaging 717 square feet surrounding a central parking structure, which allows residents direct access to each floor of the property. Community amenities include a 3,500-square-foot fitness center with yoga studio; outdoor heated swimming pool; bocce ball court; putting green; rooftop dog run; rooftop terrace with pergolas, fireplace and grilling stations; large courtyards; concierge service; and personal storage lockers on each floor. Additionally, a 4,000-square-foot amenity center is located adjacent to the main lobby and features a clubroom, conference room, bar and pool tables.

The HFF debt placement team representing the borrower was led by senior managing director Thomas Didio.

“The ability to lease this property as quickly as Russo did is a testament to both the quality of the asset and its proximity to New York City train access,” says Didio. “HFF is pleased to have helped Russo Development secure a long-term permanent loan for such a first-class development.”

Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.