A new multifamily community has secured construction financing to help bring nearly 200 rental units to Belmar at the Jersey Shore.

Cushman & Wakefield announced March 2 the funding arranged on behalf of borrower Russo Development. The transaction covers the ground-up development of Mara by Vermella. A CushWake Equity, Debt & Structured Finance team of Vice Chairman John Alascio, Executive Director Chuck Kohaut and Meredith Donovan arranged the financing. PNC Bank provided the loan.

The project rising at 800 River Road will include 178 market-rate apartments and 20 affordable units. Beyond reflecting strength in the Shore submarket, the milestone continues a flurry of activity for Russo.

Earlier this week, the company revealed it will move its headquarters from Carlstadt to Paramus. The plans include building out a brand-new, future-facing corporate HQ with 45,000 square feet.

Additionally, it began work on another property under its marquee Vermella brand. Vermella Rahway will deliver a transit-oriented living experience adjacent to the Union County city’s NJ Transit rail station.

Welcome home

In Monmouth County, Mara by Vermella sits on a 3.23-acre site within the Belmar Seaport Redevelopment Zone. Another TOD, the community sits directly across from the Belmar NJ Transit station. The location also offers immediate access to Route 35/River Road.

The project anticipates a spring 2026 start and fall 2027 finish.

When complete, residents will have access to 5,480 square feet of planned amenity space and 254 residential parking places. Perks will include a fitness center and yoga room, coworking and resident lounge space, outdoor pool and sundeck, private BBQ and outdoor dining areas and expansive gathering spaces.

As of this month, the average rent in Belmar ($2,387) is 47% higher than the national average rent price, and up nearly 4% in the last year, according to Apartments.com.

Saying they were proud to partner again with Russo Development, Kohaut said the work “will introduce a new standard of luxury rental housing to Belmar.”

“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,” he continued. “This transaction reflects the substantial lender appetite for best-in-class sponsors delivering differentiated product in high-barrier coastal markets.”