HFF Arranges $51.5M Financing for Class A Multi-housing Community in Lyndhurst

On Jul 8, 2014

HFF announced today that it has arranged $51.5 million in financing for Vermella Lyndhurst, a 296-unit, Class A multi-housing community in Lyndhurst.

HFF worked on behalf of the borrower, Russo Development, to secure the fixed-rate loan through a life insurance company.  Proceeds from the loan will replace existing construction debt and provide long-term permanent financing.

Vermella Lyndhurst is located within walking distance of the Kingsland commuter rail station and seven miles west of Manhattan along the Route 3 corridor, providing access to Route 17, 21 and the New Jersey Turnpike.  Completed in early 2014, the property features 296 luxury apartment units in one-, two- and three-bedroom configurations ranging between 827 to 1,918 square feet.  Units feature best-in-class finishes such as hard wood floors, quartz countertops, energy efficient stainless steel appliances, in-residence washers and dryers and nine-foot ceilings.  Community amenities include an 8,000-square-foot clubhouse, outdoor heated pool, fire pit, cyber café, fitness center, media lounge, billiards room and a 4,000-square-foot dog park.

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.”