Business Notes: Morris County Rental Project Receives $71 Million in Construction Financing

Two of New Jersey’s most prominent and active real estate development companies are teaming up to deliver a new 345-unit luxury rental community in Rockaway, NJ.  Joint venture partners Kushner Real Estate Group (KRE) and Russo Development have closed on a $71 million construction loan to complete the project.  The financing was provided by City National Bank in partnership with Provident Bank.

Branded Rock Pointe, construction is underway on the upscale garden-style apartment community which will be part of KRE’s Garden Collection.  Once completed, Rock Pointe will offer a mix of one-, two and three-bedroom homes and a full suite of modern amenities.   Leasing is slated to begin in the Fall of 2021 for the community which is rising at 600/700 Commons Way in this Morris County township. 

“After many years of deep respect and friendship with the Russo family, we are thrilled to finally call them our partners,” said Jonathan Kushner, President of KRE Group.  “With our shared commitment to quality and resident satisfaction, we look forward to delivering an exceptional product to this desirable Morris County location.”

“We are so happy to be collaborating with KRE on this dynamic project,” said Ed Russo, CEO of Russo Development. “Our dedication to building first-class projects with unparalleled service and amenities is a value we share with our new partners, and we are excited to see our collective synergies come to life in this development.”

Designed by Minno & Wasko Architects and Planners, the four-story buildings will house a collection of residences with upscale finishes and appointments.  Private outdoor amenities will include a pool, tennis courts, landscaped outdoor terrace with fire pit, sun loungers, television and barbeque area, and a dog run.  Indoor amenities will be highlighted by a gaming room, conference room, and a dog washroom for the pet-friendly community. 

For more information, visit www.rockpointenj.com.

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About Kushner Real Estate Group

Founded in 1979 and headquartered in Jersey City, NJ, KRE Group is a full-service real estate investment and management company with properties in New York, New Jersey, and Pennsylvania. The KRE multi-family portfolio exceeds 9,000 existing apartments, with an additional 7,000 in various stages of approval and construction.  The company also owns and manages more 6,000,000 square feet of office, warehouse, and retail space.  For more information, visit the company’s website at www.thekregroup.com

About Russo Development

Russo Development is one of the premier and most active developers of industrial, data center, residential, and mixed-use projects in New Jersey. The Russo team has been active in planning, designing, and building high-quality projects for over 50 years. During the past several years, Russo has built over 2,000 residential units and has a development pipeline of over 4,000 units planned in various communities throughout New Jersey including Hackensack, Kearny, Union, Garwood, Woodbridge, Orange, Newark, and Red Bank. In addition to Russo’s mixed-use experience, it has delivered over sixty (60) commercial, industrial, and mission critical projects since its founding in 1969 and has a non-residential development pipeline of over 5 million square feet. Russo is the largest owner of data space in this market and has built and leased mission critical facilities to various financial services firms including Credit Suisse, JP Morgan Chase, the New York Stock Exchange, Bloomberg LP, and SunGard. A vertically integrated organization, Russo is a full-service construction and development company with extensive in-house capabilities including architecture, engineering, legal, and property management. To learn more please visit www.russodevelopment.com.

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