JLL Capital Markets announced on Thursday it has arranged at $17.5 million loan to help finance the development of a Class A apartment project in Red Bank.
The Rail @ Red Bank will consist of 57 luxury units plus 6,500 square feet of retail and a two-level 147-space parking garage.
JLL’s Jon Mikula and Michael Klein, senior managing directors, and Andrew Zilenziger, associate, worked on behalf of the borrower, Denholtz Properties, to secure a 30-month floating rate construction loan followed by a 10-year permanent loan through Provident Bank.
The property will provide residents with modern amenities including two amenity decks, a rooftop deck, fitness center with yoga studio, resident clubroom, bike storage room, dog wash station and game room. Units feature stainless steel appliances, wood flooring, tiled bathrooms, quartz/granite countertops, nine-foot ceilings, in-unit washer/dryers and more.
“JLL is excited to have helped Denholtz Properties with this transit-oriented development,” Klein said. “Situated next door to Denholtz’s new corporate office and the NJ Transit train platform, this project is going to help transform the immediate neighborhood and anchor the area for years to come.”
The apartment community will be located at 116-118 Chestnut St., adjacent to the Red Bank NJ Transit train station. It is also within close access to Route 35 and the Garden State Parkway.
“Provident recognized the untapped potential for this underutilized neighborhood,” Mikula said.
The project is slated for completion later this year.
