JLL Capital Markets has arranged a $162 million permanent/construction loan for Russo Development, LLC for The Raye by Vermella. The 534-unit multifamily project is rising in the northeastern corner of New Brunswick with leasing underway and the full development expected to be completed in 2027.
Carlstadt-based Russo Development turned to JLL to secure the financing. JLL Capital Market’s Debt Advisory team of Senior Managing Director Thomas Didio, Managing Director Thomas E. Didio, Jr., Director Gerard Quinn and Associate Michael Mataras arranged the three-year, floating-rate loan through Wells Fargo & Company. The New Brunswick property benefits from an accretive 30-Year PILOT Program.
“The Raye is a transformative project for New Brunswick’s multi-housing market,” commented JLL’s Didio. “This financing package demonstrates continued lender confidence in well-located, high-quality multifamily developments with strong sponsorship like Russo Development.”
Situated at 51 US-1 in New Brunswick, the development is a two-phase project with two five-story buildings housing 534 apartments. Layouts include a mix of studios, one-, two- and three-bedroom units. The 272 residences in Phase I are roughly 65% leased with full stabilization expected by the end of 2025. Phase II consists of 262 units with stabilization projected for the third quarter of 2027.
The units will come with stainless steel appliances, hardwood floors, in-unit washer/dryers, walk-in closets and dens in select apartments. The premium amenities package will offer concierge service, fitness center, a pool with courtyard, grilling areas, fire pits, fitness center, clubroom, gaming/bar room, podcast rooms, children’s playroom and a pet spa.
The property affords easy access to major highways. Residents will enjoy private shuttle service to the New Brunswick Train Station. The city of New Brunswick is seeing a burst of revitalization with major construction projects currently underway.
