PARAMUS, N.J. — PCCP has provided a $163.9 million senior loan to a joint venture between Russo Development and Kushner Real Estate Group for the construction of The Paramus Chapter, a 426-unit multifamily project in suburban New York City. The joint venture acquired the land in May 2025. Construction began in July 2026, and completion is slated for the fourth quarter of 2028.
The Paramus Chapter will consist of two four-story buildings over concrete podiums with 810 parking spaces and approximately 5,300 square feet of ground-floor retail space. Both buildings will have separate entrances, parking and amenities.
Building A will include 166 units, comprising 138 market-rate apartments and 18 affordable units. Amenities will include an outdoor pool, 2,200-square-foot gym, game room, theater, karaoke lounge, sports simulator, rentable party room, dog run and 3,400 square feet of coworking space.
Building B will feature 260 units, comprising 222 market-rate residences and 38 affordable units. Amenities will include a full-time concierge, leasing center, 2,800-square-foot gym, chef’s kitchen, gardening room and two outdoor courtyards.
The project site is directly adjacent to Bergen Town Center, which features more than 1 million square feet of retail space anchored by Whole Foods Market and Target.
PCCP, a Los Angeles-based real estate finance and investment management firm focused on commercial real estate debt and equity investments, maintains approximately $30.1 billion in assets under management on behalf of institutional investors as of June 30.
Carlstadt, N.J.-based Russo Development is a privately held developer of multifamily, industrial, data center and mixed-use projects across northern New Jersey.
Kushner Real Estate develops residential, commercial, retail and industrial properties in New Jersey, Pennsylvania and Florida.
— Kristin Harlow