JLL Secures $75M Financing for Vermella Harrison, a 398-Unit Multifamily Building in Harrison, New Jersey

JLL Capital Markets has arranged $75 million in financing for Vermella Harrison, a 398-unit multifamily building in Harrison, New Jersey, the firm announced Sept. 10. Working on behalf of the borrower, Russo at Harrison Urban Renewal, LLC, JLL placed the five-year loan with a correspondent life insurance company.

Deal Team and Borrower

JLL's Capital Markets Debt Advisory team was led by Senior Managing Directors Thomas Didio and Thomas E. Didio Jr., Senior Director Gerard Quinn and Senior Analyst Tyler Caricato.

"We had strong lender interest in the offering given the strength of the borrower, the quality of the property and the exceptional location in a growing submarket outside NYC," said Didio Jr.

Russo at Harrison Urban Renewal, LLC is an affiliate of Russo Development, a New Jersey-based developer founded in 1969. The company has delivered more than 6,400 luxury apartments, over 10 million square feet of commercial space, and 60 industrial and data center projects across the state. Thomas Didio was also involved in a prior financing on the same asset in 2016, when HFF arranged a $73 million, 10-year fixed-rate loan for Vermella Harrison through John Hancock Real Estate Finance Group, underscoring a continuity of debt advisory relationships on the property.

Property Overview: Vermella Harrison

Completed in 2015, Vermella Harrison is a six-story apartment building located at 1100 Frank E. Rodgers Blvd South in Harrison, New Jersey, within Hudson County. The property comprises approximately 281,000 square feet of multifamily space across 398 residential units, with five ground-floor retail spaces totaling 15,011 square feet. The building was approximately 97% occupied at the time of financing.

The property offers studio, one-bedroom and two-bedroom units. Residential finishes include stainless steel appliances, hardwood floors, in-unit washer/dryers, walk-in closets and private balconies in select units. Community amenities include a fitness center and yoga studio, bocce court, dog run, rooftop terrace, swimming pool and clubhouse.

Location and Transit Access

Vermella Harrison sits steps from Harrison Station, which provides direct PATH train connectivity to Manhattan's financial district and midtown employment centers. The property also benefits from proximity to Interstates 95, 280 and 78. Just across the Passaic River lies Newark's Central Business District, where more than 380,000 people are employed.

Harrison has undergone significant redevelopment over the past several years, transforming from abandoned rail yards and industrial buildings into a mixed-use community with transit-oriented residential development. The property is positioned adjacent to Red Bull Arena within that broader redevelopment corridor.

Market Context

The financing reflects continued appetite among life insurance companies for stabilized, transit-oriented multifamily assets in the New York metropolitan area. Life companies have been directing capital toward high-occupancy, institutional-quality rental properties as a defensive, income-oriented allocation — and a 97%-leased, PATH-adjacent building with a seasoned sponsor fits squarely within that underwriting profile. The new five-year loan replaces the 10-year debt placed in 2016, providing the borrower with medium-term financing flexibility as the asset matures within a growing Hudson County submarket.

JLL Capital Markets operates as a full-service global provider of capital solutions with more than 3,000 specialists in offices across nearly 50 countries.

Sources

JLL Newsroom — $75M Financing Secured for Vermella Harrison in New Jersey