September 17, 2015

BlueGate Retained to Secure Permanent Financing for Vermella Crossing

Russo Development has engaged BlueGate Partners LLC to secure permanent financing for Vermella Crossing, a newly developed luxury, multifamily community in Kearny, Hudson County, New Jersey (the “Property” or “Community”). The Property is a Class-A garden-style apartment community featuring 150 one- and two-bedroom apartment homes in six, three-story buildings.

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. With three residential buildings complete, the remaining three residential buildings are in varying stages of construction and will be brought to market on a rolling basis through January 2016.

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.

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