JLL Capital Markets announced on Wednesday that it has successfully arranged $47.5 million in permanent refinancing for Camelot West at Townelake, a newly delivered luxury multifamily development in Sayreville.
The JLL team worked on behalf of the borrower, Kaplan Cos., to secure a five-year, fixed-rate loan through a regional bank. The financing underscores the continued strength of the Middlesex County rental market, which has seen average rents rise to approximately $2,544 as of late 2025—a 3.1% year-over-year increase.
Located at 5105 Brown Rd., Camelot West at Townelake consists of 176 units spread across seven residential buildings. The mid-rise community offers a mix of 166 market-rate and 10 COAH (affordable) units, featuring a blended average unit size of 1,153 square feet.
Residents at Camelot West enjoy high-end interior finishes, including:
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Silestone countertops and mosaic tile backsplashes.
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Island kitchens equipped with gas ranges and stainless steel appliances.
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Luxury plank flooring and nine-foot ceilings.
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Private balconies in select units and in-unit washers and dryers.
The property also offers a robust suite of community amenities, including a resort-style pool, a state-of-the-art fitness center, a dog park with a grooming area, and a lounge with a coffee bar.
The property’s location is a significant draw for professionals working in New Jersey and New York City. Middlesex County has become a primary alternative for renters seeking “Gold Coast” luxury at a more accessible price point.
“Kaplan Companies has been changing the face of modern luxury apartment living in Middlesex County for decades,” Michael Klein, senior managing director at JLL Capital Markets said. “Camelot West’s proximity to a diverse transportation infrastructure, several regional employment centers, and retail establishments makes this a highly desirable location for renters.”
The community provides 342 parking spaces, including 72 individual unit garages equipped with EV charging stations. For commuters, the property offers proximity to the Garden State Parkway and Interstate 95, as well as bus service and rail access via the South Amboy Train Station, providing direct lines to Newark and Manhattan.
The borrower, Kaplan Companies, has been a fixture in the New Jersey residential market since 1952, having built more than 30,000 homes and apartments. This refinancing allows the firm to transition from construction to permanent debt, stabilizing a key asset in their extensive Middlesex County portfolio.
The JLL Debt Advisory team representing Kaplan was led by Senior Managing Directors Michael Klein and Jim Cadranell, along with Associate John Cumming.
