4B — June 26 - July 16, 2020 — Owners, Developers & Managers — M id A tlantic Real Estate Journal
www.marej.com
O wners , D evelopers & M anagers
ACKENSACK, NJ — JLL Capital Mar- kets has arranged Loan proceeds will fund the construction of the 271-unit Print House by Vermella JLL arranges $48.75M loan for New Jersey apartment development H
at 150 River St. near Down- town Hackensack and the Ber - gen County Courthouse. The fully approved project will fea - ture 271 market-rate, luxury rental units, including a mix of studio (12%), one-bedroom (52%) and two-bedroom (36%) floor plans. Units will include washers and dryers, spacious walk-in closets with built-in shelving, nine-foot ceilings, abundant natural light, Nu Wud flooring, and gourmet kitchens complete with quartz countertops, custom cabinetry, marble tile backsplashes and stainless-steel energy-efficient appliances. The JLL Capital Markets team representing the bor- rower included senior manag - ing directors Thomas Didio, Jon Mikula and Michael Klein and associate Andrew Zilenziger. In a second transaction, JLL Capital Markets has closed the sale of Avalon Tinton Falls, a 216-unit, class A garden-style apartment property in Tinton Falls, Monmouth County. JLL marketed the property on behalf of the seller, Ava- lonBay Communities, Inc. A private investor purchased the asset free and clear of existing financing. Avalon Tinton Falls is situ - ated on 35 acres at 100 Au - tumn Dr. less than one mile from Exit 100B of the Garden State Pkwy., which offers un - matched regional accessibility. The community is also near affluent beach communities, including Spring Lake, Sea Girt and Avon-by-the-Sea, and more than 3.3 million s/f of class A corporate office parks within a 10-mile radius. Com - pleted in 2008, the property has been institutionally main - tained and comprises contem - porary amenities, including a clubhouse with a modern fitness center, swimming pool with sundeck, playground, car care center, lounge, grilling stations and dog park. Units include a diverse mix of one-, two- and three-bedroom floor plans averaging 1,101 s/f. Apartments feature in-unit washers and dryers, private patios or balconies, crown molding and spacious walk-in closets. The JLL Capital Markets team representing the seller included Jose Cruz, Michael Oliver, Kevin O’Hearn, Steve Simonelli, Mark Ma- hasky and J.B. Bruno. MAREJ
$48.75 million in financing for the development of Print House by Vermella, a 271-unit, best- in-class apartment building in Hackensack, Bergen County. JLL worked on behalf of the borrower, a joint venture be - tween Russo Development, The Hampshire Companies and Fourth Edition, to secure the 60-month, floating-rate construction loan through a national bank. Print House by Vermella will be situated in a prime location
Print House by Vermella
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