BlueGate Partners, LLC has been exclusively retained by Russo Development (the “Sponsor”) to secure permanent financing for Vermella Crossing, a newly developed luxury, multifamily community in Kearny, Hudson County, New Jersey (the “Property” or “Community”). The Property is a Class-A garden-style apartment community featuring one- and two-bedroom apartment homes in six, three-story buildings. The Property’s modern apartment finishes include chef-inspired kitchens with quartz countertops, stainless steel appliances and contemporary living spaces with hardwood floors. Residents are able to enjoy the use of private balconies in the majority of units as well as utilize a Community clubhouse that contains a state-of-the-art fitness center and a furnished outdoor terrace with three Viking barbeque grills.
The Property delivered its first two residential buildings at the end of May 2015, while a third residential building was delivered at the beginning of September 2015. The lease up-pace of the Property has been exceptional as 85 leases have been signed as of September 14th, 2015, equaling absorption of approximately 25 units per month. Both of the first two buildings to be delivered are 100% leased, while 20 of the 25 units in the third building are also leased. The remaining three residential buildings will be delivered on a rolling basis through January 2016 with stabilization expected in Q1 2016. The Sponsor is seeking $30 million in permanent financing for the Property.