Russo secures $90 million loan for final apartment phase at Vermella Union, G.S. Wilcox says – Real Estate NJ

Sol at Vermella Union at 2 Vermella Way in Union Township — Courtesy: G.S. Wilcox & Co.

By Joshua Burd

Russo Development has landed $90 million in permanent financing for a new 309-unit apartment community in Union Township, according to a debt placement team with G.S. Wilcox & Co.

In a news release, the mortgage banker said the loan proceeds will support what’s known as Sol at Vermella Union, at 2 Vermella Way, which is the final phase of the Vermella Union project constructed by Russo. G.S. Wilcox President Gretchen Wilcox and Principal David Fryer sourced the financing, which has a seven-year term, with an undisclosed lender.

The deal marks G.S. Wilcox’s third financing on campus, which sits just off the Morris Avenue thoroughfare and is among the state’s largest developments in recent years. Sol at Vermella Union has a mix of luxury homes ranging from studios to three-bedroom units, with amenities such as a high-end clubhouse and fitness center, a children’s playroom, outdoor lounges with a hotel-style swimming pool, grills, firepits and an expansive rooftop terrace.

“G.S. Wilcox & Co. is grateful to have financed another portion of this exceptional campus,” Wilcox and Fryer in a prepared statement. “Competitive financing remains available for strong sponsors such as Russo Development.”