Cushman & Wakefield has successfully arranged $163.9 million in construction financing for The Bergen Chapter, a 426-unit multifamily development situated adjacent to the Bergen Town Center Mall in Paramus.
The financing was provided by PCCP and secured on behalf of the borrower, a joint venture partnership between Kushner Real Estate Group and Russo Development. The Cushman & Wakefield Equity, Debt & Structured Finance team representing the joint venture was led by John Alascio, Alex Hernandez, Chuck Kohaut, Alan Blank, and Chris Meloni.
“The Bergen Chapter represents a growing trend among institutional developers who are proactively reimagining well-located retail assets as true mixed-use destinations,” Alascio, who is the executive vice chair at Cushman & Wakefield, said.
Spanning an eight-acre site, the 471,691-square-foot project will consist of two five-story residential buildings offering 426 apartment homes, with approximately 15% designated as affordable housing. The development will also include ground-floor retail space, 810 parking spaces, and EV charging infrastructure. Residents will have access to a comprehensive amenity package featuring fitness centers, landscaped courtyards, coworking spaces, social lounges, and a resort-style outdoor pool.
Positioned at the intersection of Route 4, Route 17, and the Garden State Parkway, the community offers connectivity to regional employment hubs across Northern New Jersey and New York City.
