Vermella Harrison, a 398-unit apartment building located at 1100 Frank E. Rogers Boulevard in Harrison, scored $75 million in financing. The Carlstadt-based borrower, Russo at Harrison Urban Renewal, LLC, closed a five-year loan with a correspondent life insurance company. The building sits steps from Harrison Station with a direct PATH connection to New York City’s financial district.
Russo tapped JLL’s Capital Markets Debt Advisory team to arrange financing on the Harrison property. The JLL group was headed up by Senior Managing Directors Thomas Didio and Thomas E. Didio Jr., Senior Director Gerard Quinn, and Senior Analyst Tyler Caricato.
“We had strong lender interest in the offering given the strength of the borrower, the quality of the property and the exceptional location in a growing submarket outside NYC,” noted JLL’s Didio, Jr.
The six-story Vermella Harrison was built in 2015. With a mix of studio, one-, and two-bedroom apartments, the complex offers residents stainless steel appliances, hardwood floors, in-unit washers and dryers, and walk-in closets. Some units have private balconies. Shared amenities include a fitness center with a yoga studio, a bocce court, a dog run, a rooftop terrace, a swimming pool, and a clubhouse. Currently, the property is approximately 97.0% occupied. The ground floor comprises five retail spaces totaling 15,011 square feet.
Harrison has transformed over the past few years from a town of abandoned rail yards and industrial buildings into a flourishing mixed-use community with upscale residential developments. Located right across the Passaic River from Newark’s Central Business District, Harrison is a transit-oriented community with excellent commuter access via PATH, along with immediate connectivity to Interstates 95, 280, and 78.
