Wells Fargo Lends $162M on New Brunswick Luxury Multifamily
JLL Capital Markets secured a $162-million financing for The Raye by Vermella, a 534-unit luxury multifamily development in New Brunswick, NJ. Senior managing director Thomas Didio, managing director Thomas E. Didio, Jr., director Gerard Quinn and associate Michael Mataras worked on behalf of Russo Development, LLC in arranging the three-year, floating-rate loan through Wells Fargo & Company.
Located at 51 US 1 in New Brunswick, The Raye offers convenient access to major highways, including Route 18, US 1 and the New Jersey Turnpike. The property will also provide private shuttle service to the New Brunswick Train Station. Phase I, comprising 272 units, is approximately 65% leased, with full stabilization expected by the fourth quarter of 2025. Phase II stabilization is expected for Q3 2027.
“The Raye is a transformative project for the New Brunswick’s multi-housing market,” said Didio. “This financing package demonstrates continued lender confidence in well-located, high-quality multifamily developments with strong sponsorship like Russo Development.”
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout