HFF arranged $51.5 million in financing for Vermella Lyndhurst, a 296-unit, Class A multi-housing community in Lyndhurst, NJ.
HFF worked on behalf of the borrower, Russo Development, to secure the fixed-rate loan through a life insurance company. Proceeds will replace existing construction debt and provide long-term permanent financing.
The HFF team representing the borrower was led by senior managing director Thomas Didio and associate director Michael Lachs.
“HFF is very pleased to have assisted Russo Development in securing financing for this Class A multi-housing property,” stated Didio. “This property is by far the highest quality residential complex in the area.”
Russo Development has completed more than 60 build-to-suit projects in New Jersey.