The Raye by Vermella: $162M financing secured for premier multifamily development in New Brunswick

MORRISTOWN, N.J., Sept. 19, 2025 – JLL Capital Markets announced today that it has secured a $162 million financing for The Raye by Vermella, a 534-unit luxury multifamily development in New Brunswick, New Jersey.

JLL worked on behalf of the borrower, Russo Development, LLC, in arranging the three-year, floating-rate loan through Wells Fargo & Company.

The Raye by Vermella, located at 51 US-1 in New Brunswick, offers exceptional access to major highways including Rte-18, Rte-1 and the New Jersey Turnpike, positioning residents within easy commuting distance of major employment centers. The property will provide private shuttle service to the New Brunswick Train Station, offering convenient access to New York Penn Station via NJ Transit.

New Brunswick continues to be a thriving urban center with strong demand anchored by its central location and exceptional commuter access. The city is home to Rutgers University, Johnson & Johnson, Robert Wood Johnson Hospital and numerous pharmaceutical companies, creating a robust employment base in the immediate area.

The Raye will consist of two five-story buildings totaling 534 luxury units with a mix of studios, one-, two- and three-bedroom layouts. Phase I, comprising 272 units, is approximately 65% leased, with full stabilization expected by Q4-2025. Phase II will deliver an additional 262 units with stabilization projected for Q3-2027.

Residents will enjoy premium community features including concierge service, a pool courtyard with grilling areas and fire pits, fitness center, package lockers, clubroom, gaming/bar room, podcast rooms, children's play/movie room and pet spa. Unit finishes include stainless steel appliances, hardwood floors, in-unit washer/dryers, walk-in closets and dens in select units. The property benefits from an accretive 30-Year PILOT Program.

JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Managing Director Thomas Didio, Managing Director Thomas E. Didio, Jr., Director Gerard Quinn and Associate Michael Mataras.

"The Raye is a transformative project for the New Brunswick's multi-housing market," said Didio. "This financing package demonstrates continued lender confidence in well-located, high-quality multifamily developments with strong sponsorship like Russo Development."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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