JLL Capital Markets on Thursday said it arranged a $36 million construction financing of Camelot on Main, a 142-unit luxury mid-rise residential development in Sayreville.
JLL represented the borrower, Kaplan Companies, in securing the three-year, floating-rate loan through Provident Bank.
Camelot on Main Street, located at 925 Main St., will consist of six buildings ranging from three to four stories. The development offers convenient access to major highways including the Garden State Pkwy, Rte-9 and I-95, as well as public transportation via the South Amboy Train Station connecting to employment hubs in Newark and New York City via Secaucus Junction and New York Penn train stations.
Middlesex County continues to attract residents seeking quality housing outside Manhattan with its strong demographics, average household income of $146,000, and well-diversified economy spanning warehouse/distribution, light manufacturing, retail, finance, professional services, educational, health and life sciences sectors.
The development will feature 134 market-rate and eight affordable housing units, with a blended average unit size of 1,068 square feet. The luxury property will offer high-end finishes including quartz countertops, stainless steel appliances, gas ranges, island kitchens, in-unit washer/dryers, luxury plank flooring, 9′ ceilings and balconies in select units. Community amenities will include a fitness center, pool, lounge area with a coffee bar, parcel room, fire pit, barbecue area, playground, bike storage and a dog park.
The JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Managing Directors Michael Klein and Jim Cadranell, with support from Associate John Cumming.
“Camelot on Main Street represents a significant addition to Sayreville’s housing inventory, offering new luxury accommodations to the market,” Klein said. “The project’s strategic location in close proximity to retail centers, major highways and public transportation, and Kaplan Companies’ proven track record in developing similar successful properties in the immediate subject area created a compelling financing opportunity.”
The developer has already commenced site work on Camelot on Main Street with over $5 million spent to date. The project anticipates a 24-month construction timeline followed by a nine-month lease-up period.
