Cushman & Wakefield arranged construction financing on behalf of Russo Development for the ground-up construction of Mara by Vermella, a 198-unit luxury multifamily community to be located at 800 River Rd. in the coastal community of Belmar, NJ. An Equity, Debt & Structured Finance team of John Alascio, Chuck Kohaut and Meredith Donovan arranged the financing. PNC Bank provided the loan. Terms were not disclosed.
“Russo’s sterling reputation, combined with the project’s transit-oriented location and limited new construction in Monmouth County, created a highly attractive financing opportunity,” said Kohaut. “This transaction reflects the substantial lender appetite for best-in-class sponsors delivering differentiated product in high-barrier coastal markets.”
Mara by Vermella will rise on a 3.23-acre site within Belmar’s Seaport Redevelopment Zone and will deliver 198 residential units, including 178 market-rate apartments and 20 affordable units. The transit-oriented development is located directly across from the Belmar NJ Transit Station and offers immediate access to Route 35/River Road.
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