PCCP provides $164 million loan for Paramus multifamily project
PCCP just issued a massive senior loan.
The short version
- The $163.9 million backs a new Paramus project.
- Russo Development and Kushner Real Estate Group are building it.
- The two-building complex will bring 426 apartments to Bergen Town Center.
- Construction is slated to finish by late 2028.
A massive new housing complex is moving forward in Northern New Jersey with heavy backing from institutional lenders. PCCP, which manages real estate investments, just provided a $163.9 million senior loan for a joint venture between Russo Development, a prominent New Jersey real estate developer, and Kushner Real Estate Group, a major family-owned real estate firm led by the Kushner family.
The money is funding the construction of The Paramus Chapter, a large multifamily project located at 2200 Bergen Town Center Dr. In Paramus, New Jersey. The development broke ground in July 2026, with completion anticipated for the fourth quarter of 2028. The project will consist of two four-story buildings built over concrete podiums, featuring approximately 5,300 square feet of ground-floor retail space.
Building A will include 166 units, including 18 affordable units, while Building B will include 260 units, with 38 affordable units. "We believe this financing represents an attractive opportunity to support an experienced joint venture in the development of a high-quality, Class A multifamily asset in one of Northern New Jersey’s strongest and most supply-constrained markets," said Lia Barsanti, senior vice president with PCCP, according to Connect CRE.
The developers are betting that the location will draw renters who want easy proximity to regional employment centers and New York City. For local builders and contractors, the huge project signals continued heavy capital flowing into North Jersey rental housing despite high borrowing costs.
