New Jersey’s coastal residential landscape is set for a significant upgrade as Cushman & Wakefield announced Wednesday that it has successfully arranged construction financing for Mara by Vermella, Russo Development’s 198-unit luxury multifamily community in Belmar.
Acting on behalf of Russo, the Cushman & Wakefield Equity, Debt & Structured Finance (EDSF) team—led by John Alascio, Chuck Kohaut, and Meredith Donovan—secured the loan through PNC Bank. The project will rise at 800 River Road, a strategic 3.23-acre site within Belmar’s Seaport Redevelopment Zone.
Mara by Vermella is poised to become a landmark addition to Monmouth County, replacing the former Belmar Motor Lodge and surrounding pavilions. As part of Russo’s signature “Vermella” brand, the community is designed to blend resort-style living with the benefits of a transit-oriented location.
Situated directly across from the Belmar NJ Transit Station, the development offers a seamless commute for residents working in North Jersey or New York City. Its location along Route 35 also provides immediate access to the Jersey Shore’s primary thoroughfares.
“Russo’s sterling reputation, combined with the project’s transit-oriented location and limited new construction in Monmouth County, created a highly attractive financing opportunity,” Chuck Kohaut, executive director at Cushman & Wakefield said.
The four-story building will feature 178 market-rate apartments and 20 affordable housing units, fulfilling critical state-mandated housing requirements while modernizing the borough’s riverfront gateway.
Residents will have access to nearly 5,500 square feet of high-end amenities, including:
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Wellness & fitness: A state-of-the-art fitness center and dedicated yoga studio.
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Social spaces: A resident lounge and coworking hub designed for the modern remote professional.
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Outdoor recreation: A rooftop pool and sundeck, private BBQ areas, and expansive gathering spaces overlooking the Shark River.
The financing of Mara by Vermella comes during a period of rapid growth for Russo Development. Just this week, the firm announced plans for a new corporate headquarters in Paramus and broke ground on a 211-unit Vermella community in Rahway. With a pipeline of over 3,500 units planned across the state, Russo continues to be a dominant force in New Jersey’s multifamily sector.
Construction at the Belmar site is expected to progress rapidly, with the project serving as a centerpiece for the ongoing revitalization of the Seaport district.
