F inancial D igest F eaturing A ppraisal
M id A tlantic Real Estate Journal —April 2023 — 13A
www.marej.com
The final phase of Vermella Union is constructed by Russo Development G.S. Wilcox & Co. arranges $90,000,000 in financing for Sol at Vermella Union
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one, two, and three-bedroom homes including gourmet kitch - ens, in-home washers and dry -
NION, NJ — G.S. Wilcox & Co. has completed $90 million
ers and spa - cious walk-in closets. Ame - nities include a resort-style clubhouse, high-end fit - ness center, children’s playroom, o u t d o o r
in permanent financing for a 309-unit luxury apart - ment commu - nity in Union. The financ - ing, arranged by Gretchen Wilcox , pres - ident, and
David Fryer
Gretchen Wilcox
lounges with hotel-style swim - ming pool, grills, firepits and expansive rooftop terrace. “G.S. Wilcox & Co. is grateful to have financed another portion of this exceptional campus. Competi - tive financing remains avail - able for strong sponsors such as Russo Development,” said Wilcox and Fryer in a prepared statement. MAREJ
David Fryer , principal, was secured on a 7-year term. The project, known as Sol at Ver - mella Union, is the final phase of Vermella Union constructed by Russo Development . This financing marks G.S. Wilcox & Co.’s third on this campus. These high-end rental apart - ment homes are comprised of thoughtfully designed studios,
Sol at Vermella Union
JLL represents borrower, 3 Journal Square Urban Renewal, LLC, to secure the seven-year, fixed-rate loan
countertops. Community ame - nities include a state-of-the-art
JERSEY CITY, NJ — JLL Capital Markets has ar-
health and fitness center, a yoga studio, a resident lounge with fire place and billiards, a rooftop deck with Manhat - tan skyline views and lounge areas and more. Situated at 2955 John F. Kennedy Blvd., 3 Jour - nal Square is set within the center of Jersey City
ranged the $58 million refinancing for 3 Journal Square, a 240-unit, lux - ury, mid-rise multi-hous - ing apart - ment build - ing located in Jersey City. JLL rep -
Thomas Didio Jr.
Thomas Didio
resented the borrower, 3 Journal Square Ur- ban Renew- al, LLC , to secure the seven-year, fixed-rate loan through a life insurance company. Built in 2017, 3 Journal Square offers one-, two- and three-bedroom units with bright, open layouts, full-size washers and dryers, chestnut wood vinyl flooring, granite kitchen countertops, stainless steel appliances, custom kitchen cabinetry and quartz bathroom Gerard Quinn
John Cumming
in Journal Square, allowing residents the convenient walk - ability to area amenities, and is just steps from the Journal Square Path Station. Addi - tionally, the property is proxi - mate to major north-south and east-west road corridors, as well as the connections to the New Jersey Turnpike and Pu - laski Skyway. The community
3 Journal Square
the relationship between the developer and lender teams,” said Didio. The JLL Capital Markets Investment Sales Advisory team was led by Thomas Di- dio, Thomas E. Didio Jr., Gerard Quinn and John Cumming . MAREJ
is approximately three miles from the World Trade Center and New York City’s financial district, nine miles from Mid - town Manhattan and seven miles from downtown Newark. “This financing is a testa - ment to the quality of product the developer has delivered
to the market. The lender stepped up to the plate and delivered very strong economic terms to allow the partnership to continue operating this tremendous asset in a bur - geoning submarket of Jersey City. JLL is grateful to play a role in continuing to grow
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