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Sol at Vermella Union is a 309-luxury apartment community in Union from Russo Development. - G.S. WILCOX & CO.
Sol at Vermella Union is a 309-luxury apartment community in Union from Russo Development. - G.S. WILCOX & CO.
Luxury apartments Sol at Vermella Union secures $90M financing
Jessica Perry//April 3, 2023//
Recently secured financing for the final phase of a luxury apartment community in Union marks the third arrangement G.S. Wilcox & Co. has made on the Vermella Union campus.
On March 31, the commercial real estate mortgage banking firm with offices in Morristown said it completed $90 million in permanent financing for the 309-unit Sol at Vermella Union project from Russo Development.
President Gretchen Wilcox and Principal David Fryer secured the funding on a seven-year term, according to the announcement. Additional details regarding the deal were not disclosed.
According to Russo’s website, Sol at Vermella, the final phase of the project, is set for delivery this spring.
The community will offer a mix of studios and one-, two- and three-bedroom units, according to G.S. Wilcox, with gourmet kitchens, in-unit washers and dryers, and walk-in closets. Planned amenities include a clubhouse, fitness center, children’s playroom, outdoor lounges, a hotel-style swimming pool, grills, firepits and an expansive rooftop terrace.
Situated on 42 acres, the mixed-use Vermella Union community has so far delivered more than 900 residential units, according to Russo Development‘s website. Upon completion, the project is expected to include a mutli-acre park and 35,000 square feet of service and food retail options headlined by Starbucks, Chipotle, &Pizza, Habit Burger, Cold Stone Creamery, Mighty Quinn’s BBQ, Panera Bread, CVS, Blue Foundry Bank and an AT&T Store.
And the project is award-winning for the experience it’s delivering to residents, having received honors from the Urban Land Institute, BOMA and the New Jersey Apartment Association.
“G.S. Wilcox & Co. is grateful to have financed another portion of this exceptional campus. Competitive financing remains available for strong sponsors such as Russo Development,” Wilcox and Fryer said in a statement.
