PCCP lends $163.9M for 426-unit Paramus apartment project

PCCP has made a $163.9 million senior loan to a Russo Development and Kushner Real Estate Group joint venture building The Paramus Chapter, a 426-unit apartment project in Paramus, N.J. Connect CRE reported the loan. Terms beyond the amount were not disclosed.

The project at 2200 Bergen Town Center Dr. broke ground in July 2026, with completion anticipated in the fourth quarter of 2028. Two four-story buildings over concrete podiums will hold 166 units in Building A, 18 of them affordable, and 260 in Building B, 38 of them affordable, plus about 5,300 square feet of ground-floor retail.

This is the largest of three PCCP senior loans reported this month, which together total about $276 million. The other two, as Private Wealth Daily previously reported, are $71 million for an Embrey joint venture in Spring Hill, Tennessee, and $41 million to refinance Foulger-Pratt's San Diego apartments. Two of the three fund ground-up construction.

At the loan amount, $163.9 million across 426 units is about $385,000 per apartment before joint venture equity. That is loan basis, not total development cost, and repayment will depend on rents at delivery in late 2028.

Fifty-six units, about 13%, are income-restricted, which will hold the stabilized rent roll below a fully market-rate building of the same size.

PCCP senior vice president Lia Barsanti called the loan "an attractive opportunity to support an experienced joint venture" building "a high-quality, Class A multifamily asset in one of Northern New Jersey's strongest and most supply-constrained markets."

Completion is targeted for the fourth quarter of 2028, pushing a refinancing or sale take-out into 2029, when the delivered rent roll will set the building's take-out value.