A joint venture of Carlstadt and Jersey City-based real estate developers Russo Development and KRE Group recently secured $163.9 million in debt from PCCP for the construction of a 426-unit multifamily development in Paramus.
The project site sits across the street from Paramus’s Bergen Town Center. The project, known as The Bergen Chapter, is less than a block from New Jersey Route 4. It will redevelop the former site of outdoor apparel store Recreational Equipment Inc. and a Red Robin, as well as underutilized parking along Shepherd Way, according to a report in RE-NJ.
Cushman’s John Alascio, Alex Hernandez, Chuck Kohaut, Alan Blank, and Chris Meloni sourced the loan for the joint venture.
The project calls for the construction of two five-story buildings on eight acres, ground-floor retail, and 810 parking spaces. Fifteen percent of the units in the buildings will be set aside for affordable housing.
Resident amenities include fitness centers, landscaped courtyards, coworking spaces, entertainment and social lounges, and a resort-style outdoor pool, to name a few.
A report in ROI-NJ said the residential and commercial portion of the project will span 471,691 square feet and include electric-vehicle charging infrastructure.
While the buildings will include retail and commercial space, the area immediately surrounding the site is one of the country’s most successful retail corridors.
A March 2019 PIX11 report says the borough beat Hollywood and Disney in retail sales. The Garden State Plaza alone had nearly 20 million annual visitors. The borough sits in the heart of Bergen County, the only county in the U.S. that still follows Blue Laws—except for American Dream in East Rutherford—and still generates over $6 billion in annual retail sales.
