JLL Capital Markets said Aug. 15 that it has arranged the $38.4 million refinancing of The Lofts at Helmetta, a 200-unit, historic adaptive re-use mid-rise apartment and townhome complex in Helmetta in Middlesex County.
JLL represented the borrower, Kaplan Companies, in securing the five-year, fixed-rate loan through Nuveen Real Estate.
The Lofts at Helmetta features a conversion of the historic Helme Snuff Mill Complex, which was originally built in 1886 and operated for more than a century before ceasing operations in 1993. The property consists of five buildings, including the Helme Building (106 units), the Mills Building (74 units) and three townhome buildings with 20 units. The complex offers a mix of one- and two-bedroom units, with granite countertops, in-unit washers/dryers, stainless steel appliances, and open gas ranges.
Residents have access to amenities including an on-site fitness center, pool area, lounge with coffee bar, children’s play area, pet spa, and bike storage.
The property maintains a 96% occupancy rate and benefits from an accretive 22-year PILOT agreement with the town of Helmetta, which as a population of 2,317, according to census data.
The property has access to the New Jersey Turnpike, Route 9, and the Garden State Parkway.
JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Managing Directors Jim Cadranell and Michael Klein and Analyst Michael Donohoe.
“The Lofts at Helmetta represented an exceptional opportunity to refinance a distinctive multifamily asset with strong performance metrics in a prime central New Jersey location,” said Cadranell. “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.”
