JLL Capital Markets said Friday that it secured a $162 million financing package for The Raye by Vermella, a luxury multifamily development under construction in New Brunswick. The loan was arranged on behalf of the borrower, Russo Development, through Wells Fargo & Co.
Located at 51 U.S. 1 in New Brunswick, The Raye by Vermella is a two-building development that will feature a total of 534 luxury apartments, with a mix of studio, one-, two- and three-bedroom units. The project is strategically positioned with exceptional access to major highways, including Route 18, Route 1 and the New Jersey Turnpike, making it ideal for commuters. A private shuttle service also will provide convenient access to the New Brunswick Train Station, offering a direct link to New York Penn Station via New Jersey Transit.
The development is poised to capitalize on New Brunswick’s strong urban market, which is anchored by major institutions like Rutgers University, Johnson & Johnson and Robert Wood Johnson University Hospital. The first phase of the project, consisting of 272 units, is already approximately 65% leased, with full stabilization expected by the fourth quarter. The second phase, which will add an additional 262 units, is projected for stabilization by the third quarter of 2027.
The Raye is designed to provide residents with a premium living experience. Amenities will include concierge service, a resort-style pool courtyard, a fitness center, a clubroom, podcast rooms, a children’s play area and a pet spa. Each unit will feature high-end finishes, such as stainless steel appliances and in-unit washer/dryers. The property also benefits from a 30-year Payment in Lieu of Taxes program, which is a legal agreement between a developer and a municipality that allows the developer to make payments on an agreed schedule instead of paying the standard property tax amount.
The JLL Capital Markets team that represented the borrower was led by Senior Managing Director Thomas Didio, Managing Director Thomas E. Didio Jr., Director Gerard Quinn and Associate Michael Mataras.
Thomas Didio commented on the significance of the deal, stating, “This financing package demonstrates continued lender confidence in well-located, high-quality multifamily developments with strong sponsorship like Russo Development.”
