14A — August 15 - 28, 2014 — M id A tlantic

Real Estate Journal


M ultifamily F inancing Didio and Lachs of HFF represent borrower, Russo Development HFF arranges $51.5m in financing for a class A multi-housing community in Lyndhurst, NJ

YNDHURST, NJ – HFF announced that it has arranged $51.5 million in financing for Ver- mella Lyndhurst, a 296-unit, class A multi-housing com- munity in Lyndhurst. HFF worked on behalf of the borrower, Russo Devel- opment , to secure the fixed- rate loan through a life insur- ance company. Proceeds from the loan will replace existing construction debt and pro- vide long-term permanent financing. Vermella Lyndhurst is located within walking dis- L

tance of the Kingsland com- muter rail station and seven miles west of Manhattan along the Rte. 3 corridor, providing access to Rte. 17, 21 and the New Jersey Turn- pike. Completed in early 2014, the property features 296 luxury apartment units in one-, two- and three-bed- room configurations ranging between 827 to 1,918 s/f. Units feature best-in-class finishes such as hard wood floors, quartz countertops, energy efficient stainless steel appliances, in-residence washers and dryers and

nine-foot ceilings. Commu- nity amenities include an 8,000 s/f clubhouse, outdoor heated pool, fire pit, cyber café, fitness center, media lounge, billiards room and a 4,000 s/f dog park. The HFF team represent- ing the borrower was led by senior managing director Thomas Didio and associ- ate director Michael Lachs . “HFF is very pleased to have assisted Russo Develop- ment in securing financing for this class Amulti-housing property,” said Didio. “This property is by far the highest quality residential complex in the area.” In other news... HFF announced that it has arranged $23.8 million in acquisition financing for a seven-property retail port- folio totaling 99,675 s/f in Maryland, New Jersey and Pennsylvania. Working on behalf of an affiliate of Lakewood, NJ- based Paramount Realty Services, Inc. , HFF secured the seven-year, fixed- rate loan through Investors Bank . The properties included in the financing are: Bricktown Center in Bricktown, New Jersey; Brookhaven Plaza in Brookhaven, Pennsylvania; Howell Plaza in Howell, New Jersey; Sea Girt Plaza in Wall, New Jersey; Phila- delphia Plaza in Philadel- phia, Pennsylvania; Exton Plaza in Exton, Pennsylva- nia and Owings Mills Plaza in Owings Mills, Maryland. The portfolio was 100% oc- cupied at closing by tenants including Best Buy, Staples, three full-service WAWA Convenience stores, JoS. A. Bank, CVS and Santander Bank. The HFF team represent- ing the buyer was led by senior managing director Jon Mikula and managing director Jim Cadranell . Paramount Realty Servic- es, Inc. was founded in 1994 as a full-service commercial real estate firm specializing in retail real estate in the Northeast. Paramount Re- alty owns and operates more than five million square feet of shopping centers through- out New Jersey, Connecticut, Massachusetts, Maryland and eastern Pennsylvania. n

Vermella Lyndhurst

R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news

2014 Conference Schedule



The Utica Shale & Marcellus Economic Impact: Philadelphia Summit

September 18

NJ Apartment / Mulitfamily Summit



NJ Construction Summit



PA Apartment / Multifamily Summit

November 13

NNJ Retail & Restaurant Summit

December 11

NJ Real Estate Capital Markets Summit

For Speaking/Sponsorship information:

Linda Christman, Publisher/CEO Mid Atlantic Real Estate Journal Direct: 781-871-3456 lchristman@marejournal.com www.marejournal.com



Made with FlippingBook - Online magazine maker