A 198-unit luxury apartment complex is being planned in a prime location overlooking Belmar Marina.
The Mara by Vermella project at 800 River Road will be built on 3.23 acres within the Belmar Harbor Redevelopment Area, according to a statement from Cushman & Wakefield.
The company recently secured a construction loan for the project from PNC Bank on behalf of developer Russo Development.
The loan amount was not disclosed.
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Of the planned 198 units, 178 units will be sold at market rate and 20 units will be designated as affordable housing.
Upon completion, the community will include approximately 5,480 square feet of amenity space and 254 parking spaces.
The project will include a fitness center and yoga studio, a co-working and resident lounge, an outdoor pool and sundeck, barbecues and outdoor dining and gathering spaces.
John Alascio, Kohaut and Meredith Donovan of Cushman & Wakefield’s Equity, Debt and Structured Finance team arranged the financing on behalf of Russo Development.
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