JLL Capital Markets said on July 10 that it has arranged $36 million in construction financing of Camelot on Main, a 142-unit luxury mid-rise residential development in Sayreville.
JLL represented the borrower, Kaplan Cos., in securing the three-year, floating-rate loan through Provident Bank.
Camelot on Main Street, located at 925 Main St., will have six buildings ranging from three to four stories. The development is near the Garden State Parkway, Route 9 and Interstate 95, as well as public transportation via the South Amboy Train Station connecting to Newark and New York City via Secaucus Junction and New York Penn train stations.
Middlesex County continues to attract residents seeking affordable housing options outside Manhattan with its well-diversified economy including 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 property features high-end finishes including quartz countertops, stainless-steel appliances, gas ranges, island kitchens, in-unit washer/dryers, luxury plank flooring, 9-foot 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 Markets 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,” said Klein. “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 begun site work on Camelot on Main Street with more than $5 million spent to date. The project anticipates a 24-month construction timeline followed by a nine-month lease-up period.
