JLL Capital Markets arranged $32.45 million in construction financing for the Rail at Bound Brook, a to-be-constructed, 143-unit, midrise, transit-oriented community, according to a Thursday announcement from the Red Bank-based firm.
JLL represented the sponsorship, a joint venture between Denholtz Properties and Redwood Real Estate Group, to secure a three-year, floating-rate loan through Citizens.
The six-story, Class A apartment complex will be constructed within an Opportunity Zone in Bound Brook and will feature studio, one- and two-bedroom floor plans with designer kitchens, large windows, walk-in closets, 9-foot ceilings, stainless steel appliances, in-unit full-size washers and dryers, balconies and large terraces in select units and an average size of 811 square feet. Community amenities will include a large lobby, a resort-style furnished courtyard with lounge areas, an upscale 4,030-square-foot club suite, a game room, yoga studio, a coworking space and garage parking. Additionally, the property will offer 650 square feet of retail space and 149 parking spaces.
Located at 100 Hamilton St. within Somerset County, the site sits across the street from the Bound Brook Train Station, adjacent to the Brooks Art Center and proximate to numerous shops and restaurants. The community will offer exceptional access to central and northern New Jersey via nearby highways, including Interstates 287 and 78 and Route 22. Additionally, the site is approximately 34 miles west of New York City and is walkable to commuter rail service to Manhattan. The Rail at Bound Brook’s location is further enhanced with downtown’s designation as a Transit Village by the New Jersey Department of Transportation.
The JLL Capital Markets team representing the seller was led by Senior Managing Directors Michael Klein and Jon Mikula and Vice President Michael Lachs.
“Bound Brook has experienced a resurgence of new multihousing development as demand continues to outweigh supply. The Rail at Bound Brook will provide best-in-class amenities and luxury,” Mikula stated.
“JLL is pleased to have secured construction financing for the sponsorship. This is a transformational project for the market, and we look forward to watching the development progress,” Klein added.
