$47M in financing secured for North Brunswick active adult community development

JLL Capital Markets arranged $47 million in financing for the recently constructed Amaranth at North Brunswick, a 222-unit, luxury, 55-plus active adult community in North Brunswick.

JLL represented the borrower, the Kaplan Cos., in securing the seven-year, fixed rate loan from Nuveen Real Estate. Proceeds were utilized to retire its existing construction loan.

Amaranth at North Brunswick features low-maintenance living with one- and two-bedroom floorplans with up to 1,397 square feet of living space. Residents have access to onsite amenities such as a versatile clubhouse with a state-of-the-art fitness center, yoga room, package room, multipurpose room, dog spa and demonstration kitchen. The property also features a heated swimming pool with barbecue area and fire pits, as well as a dog park, putting green, shuffleboard and bocce.

Amaranth at North Brunswick is located at 2775 U.S. Route 130 in North Brunswick, which is a growing community with almost 40,000 residents spanning 12.3 square miles. The property is directly proximate to Route 130, Route 1 and the New Jersey Turnpike, giving residents easy access to local restaurants and shopping destinations.

The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Michael Klein, Managing Director Matthew Pizzolato and associate Michael Meisner.

“Nuveen quickly recognized the quality product that the Kaplan Cos. had developed, the leasing velocity that this amenity-laden property had demonstrated throughout lease-up, and the sense of community that the borrower and its on-site management team created here and at its other properties throughout the region and provided a strong quote that best met Kaplan’s needs,” Klein said.