BlueGate Partners, LLC (“BlueGate”) arranged a $30 million
senior financing note with Provident Bank for Russo Development’s Vermella
Crossing in Kearny, New Jersey. The property is a newly-constructed Class A
garden-style apartment community consisting of 150 one- and two-bedroom units
in six, three-story residential buildings in addition to the community
clubhouse.
Vermella Crossing’s modern apartment finishes include
chef-inspired kitchens with quartz countertops, stainless steel appliances and
contemporary living spaces with hardwood floors. Residents are able to enjoy
the use of private balconies in the majority of units as well as utilize a
Community clubhouse that contains a state-of-the-art fitness center and a
furnished outdoor terrace with three Viking barbeque grills. Located just seven
miles west of Manhattan, six miles west of Jersey City and Hoboken and 1.5
miles northeast of Newark, the Property’s location offers its residents
exceptional access to three of the New York City Metro area’s preeminent
employment and cultural destinations. With its exceptional finishes and lengthy
list of community amenities, Vermella Crossing has been well received in the
market with a strong absorption rate as it provides convenient access to
numerous employers and amenities in the New York Metropolitan area.
BlueGate is a boutique real estate investment banking firm with
offices in New York and Palm Beach, and offers services in the areas of
investment sales, portfolio and property financing, and debt and equity capital
raising for real estate projects.