Kushner Real Estate Group (KRE) and Russo Development have closed on a $71 million construction loan to complete a new 345-unit luxury rental community in Rockaway, NJ.
Joint venture partners secured the financing from City National Bank in partnership with Provident Bank.
Construction is already underway on Branded Rock Pointe, an upscale garden-style apartment community which will be part of KRE’s Garden Collection.
Once completed, Rock Pointe will offer a mix of one-, two and three-bedroom homes and a full suite of modern amenities.
Leasing is slated to begin in the Fall of 2021 for the community which is rising at 600/700 Commons Way in this Morris County township.
“After many years of deep respect and friendship with the Russo family, we are thrilled to finally call them our partners,” said Jonathan Kushner, President of KRE Group. “With our shared commitment to quality and resident satisfaction, we look forward to delivering an exceptional product to this desirable Morris County location.”
“We are so happy to be collaborating with KRE on this dynamic project,” said Ed Russo, CEO of Russo Development. “Our dedication to building first-class projects with unparalleled service and amenities is a value we share with our new partners, and we are excited to see our collective synergies come to life in this development.”
Designed by Minno & Wasko Architects and Planners, the four-story buildings will house a collection of residences with upscale finishes and appointments. Private outdoor amenities will include a pool, tennis courts, landscaped outdoor terrace with fire pit, sun loungers, television and barbeque area, and a dog run. Indoor amenities will be highlighted by a gaming room, conference room, and a dog washroom for the pet-friendly community.