PCCP has originated a $163.9 million senior construction loan backing The Paramus Chapter, a planned multifamily development in Paramus, NJ. The financing supports a joint venture between Russo Development and Kushner Real Estate Group, which is moving forward with a two-building rental community at 2200 Bergen Town Center Dr. The project broke ground in July 2026, and the sponsorship is targeting completion in the fourth quarter of 2028.
The Paramus Chapter is designed as a 426-unit, Class A multifamily property in one of Northern New Jersey’s more constrained housing markets. The development will comprise two four-story residential buildings constructed over concrete podiums, combining rental housing with a modest retail component to activate the ground floor and serve residents and the surrounding area.
Building A is programmed for 166 apartments, including 18 units designated as affordable housing. Building B will be the larger of the two, with 260 apartments and 38 affordable units. In total, the project will deliver 56 income-restricted units within the broader 426-unit program, aligning the venture with local affordability objectives while maintaining a predominantly market-rate profile.
On the commercial side, plans call for approximately 5,300 square feet of ground-floor retail space integrated into the project. While specific tenants have not been identified in the announcement, the inclusion of this retail component is intended to complement the residential use and provide additional on-site amenities and services to residents and visitors.
Commenting on the financing, Lia Barsanti, senior vice president at PCCP, described the loan as an opportunity to support an experienced joint venture team in delivering a high-quality, Class A multifamily asset. Barsanti noted that The Paramus Chapter is positioned in one of Northern New Jersey’s strongest and most supply-constrained submarkets, with the property expected to benefit from its location near key regional employment centers as well as its proximity to New York City.
With construction underway and a multi-year development timeline, the loan from PCCP anchors the capital stack for The Paramus Chapter and provides the sponsors with funding to advance the project through completion. The deal underscores ongoing lender interest in well-located multifamily projects, particularly those combining experienced regional developers with sites that offer access to employment nodes and major urban centers.
