C&W Arranges Construction Loan for Russo Development’s Mara by Vermella

On Mar 5, 2026

Cushman & Wakefield has arranged construction financing on behalf of Russo Development for the ground-up construction of Mara by Vermella, a 198-unit multifamily community located at 800 River Road in Belmar.

Cushman & Wakefield’s Equity, Debt & Structured Finance (EDSF) team of John Alascio, Chuck Kohaut and Meredith Donovan arranged the financing of behalf of the borrower. The loan was provided by PNC Bank.

“We are pleased to have partnered again with Russo Development to facilitate the financing for this best-in-class multifamily development, which will introduce a new standard of luxury rental housing to Belmar,” said Kohaut, executive director at Cushman & Wakefield. “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. This transaction reflects the substantial lender appetite for best-in-class sponsors delivering differentiated product in high-barrier coastal markets.”

Mara by Vermella will rise on a 3.23-acre site within Belmar’s Seaport Redevelopment Zone and will deliver 198 residential units, including 178 market-rate apartments and 20 affordable units. The transit-oriented development is located directly across from the Belmar NJ Transit Station and offers immediate access to Route 35/River Road, providing seamless connectivity throughout Monmouth County.

Upon completion, the community will feature approximately 5,480 square feet of amenity space and 254 residential parking spaces. Planned amenities include a state-of-the-art fitness center and yoga studio, a coworking and resident lounge space, an outdoor pool and sundeck, private BBQ and outdoor dining areas, and expansive outdoor gathering areas.

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