PARAMUS, N.J. — A joint venture between Russo Development and Kushner Real Estate has secured a $163.9 million senior construction loan from PCCP for The Paramus Chapter. Construction of the two-building, 426-unit project began in July. Cushman & Wakefield arranged the loan. Building A will include 166 apartments, comprising 148 market-rate and 18 affordable units, and 5,300 square feet of ground-floor retail. An outdoor pool, a 2,200-square-foot fitness center, game room, theater, karaoke lounge, sports simulator, rentable party room, dog run and 3,400 square feet of coworking space round out Building A’s amenities.
Building B will be home to 260 apartments, comprising 222 market-rate and 38 affordable units. Amenities will include a full-time concierge, leasing center, 2,800-square-foot gym, chef’s kitchen with dining area, sun room and two outdoor courtyards with seating areas, movie lawn, grilling stations and a community garden. Rent restrictions for the affordable units were not disclosed. Completion is slated for the fourth quarter of 2028.