February 4, 2016
BlueGate Arranges Financing for Vermella Crossing
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.