JLL Capital Markets has arranged a $38.4 million refinancing for The Lofts at Helmetta, a 200-unit multifamily complex in Helmetta. The five-year, fixed-rate loan was secured for Kaplan Companies, through Nuveen Real Estate.
The property is a unique adaptive re-use of the historic Helme Snuff Mill Complex, which was originally built in 1886. The complex consists of five buildings offering a mix of one- and two-bedroom units with luxury finishes, including granite countertops and stainless steel appliances.
Residents of The Lofts at Helmetta benefit from an extensive list of amenities, such as a fitness center, pool, pet spa and an arcade room. The property maintains a high occupancy rate of 96% and is supported by a 22-year Payment in Lieu of Taxes (PILOT) agreement with the town of Helmetta, which is a financial arrangement between a property owner and a local government that allows the property owner to make a payment to the government in place of paying standard property taxes.
Located in Middlesex County, the property offers residents convenient access to major transportation routes, including the New Jersey Turnpike and the Garden State Parkway.
Jim Cadranell, a senior managing director at JLL Capital Markets, stated that the refinancing was an exceptional opportunity due to the property’s strong performance and prime location. “The property’s historic character, modern amenities and professional management by Kaplan Companies have created a unique living environment that continues to attract residents looking for quality housing in Middlesex County,” he said.
The refinancing was overseen by a JLL team that also included Senior Managing Director Michael Klein and Analyst Michael Donohoe.
