A 534-unit luxury apartment complex in Middlesex County has secured $162 million in financing, marking a significant investment in the area’s growing residential market.

JLL Capital Markets arranged the three-year, floating-rate loan through Wells Fargo & Company for The Raye by Vermella , a development by Russo Development LLC.

The huge project along the southbound side of Route 1 in New Brunswick consists of two five-story buildings offering studios and one-, two- and three-bedroom apartments.

Residents will have access to private shuttle service to the New Brunswick Train Station, providing direct connections to New York Penn Station via NJ Transit.

Phase I of the project, comprising 272 units, is currently 65% leased with full occupancy expected by the fourth quarter of 2025.

Ph

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