Development of Camelot on Main Receives $36 Million Financing

News Summary

Camelot on Main, a luxury residential project in Sayreville, has secured $36 million in construction financing to build 142 upscale units. Strategically located near major roadways and public transport, the project features high-end amenities and aims to meet the increasing demand for affordable housing in Middlesex County. With a construction timeline of 24 months, Camelot on Main is set to enhance the local housing landscape and provide modern living options.

Development of Camelot on Main Receives $36 Million Financing in Sayreville

JLL Capital Markets has successfully arranged 36 million dollars in construction financing for an upcoming luxury residential project named Camelot on Main. This development is set to feature 142 upscale units in Sayreville, New Jersey, and is aimed at providing a modern living option close to essential amenities.

Details of the Development

Situated at 925 Main St., Camelot on Main will comprise six buildings that range from three to four stories. This project is strategically placed near major roadways, including the Garden State Parkway, Route 9, and Interstate 95. Moreover, residents will have easy access to public transportation, with the South Amboy Train Station located nearby, offering connections to both Newark and New York City.

Target Market and Housing Options

Middlesex County has been increasingly attracting individuals seeking affordable housing opportunities outside of Manhattan’s bustling environment. Camelot on Main aims to address this demand by offering a combination of 134 market-rate units and 8 affordable units. The project promises a blended average unit size of 1,068 square feet, catering to a diverse range of potential residents.

Luxurious Features and Amenities

The anticipated high-end finishes in the apartments will include quartz countertops, stainless steel appliances, gas ranges, and island kitchens. Additional in-unit conveniences such as washers and dryers, luxury plank flooring, and 9-foot ceilings will enhance living experiences. Furthermore, select units will boast balconies for residents to unwind and enjoy outdoor views.

Residents will also have access to a variety of community amenities designed to foster a sense of community and comfort. These include a fitness center, a swimming pool, and a lounge area with a coffee bar. Other offerings will feature a parcel room for package deliveries, a fire pit for social gatherings, and a barbecue area for outdoor cooking. Families will appreciate the playground, while dedicated bike storage and a dog park will cater to pet owners.

Construction Timeline and Investment Outlook

The JLL Capital Markets debt advisory team, which played a crucial role in securing the financing, included experienced professionals focused on real estate and construction financing. Following the arrangement, Kaplan Cos., the borrower, has already commenced site work on the Camelot on Main project, with over 5 million dollars already invested in the groundwork and infrastructure.

Construction is expected to take around 24 months, followed by a nine-month lease-up period. As Sayreville continues to evolve, Camelot on Main is set to make a significant mark on the local housing landscape, providing contemporary luxury accommodations that meet the growing demand.

As the construction moves forward, the community awaits the enhancement of its housing inventory with the introduction of this premium living space designed for comfort and convenience.

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Additional Resources

• ROI-NJ: $36 Million Construction Financing Secured for Sayreville Project
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• Google Search: Sayreville New Jersey Real Estate
• Wikipedia: Sayreville, New Jersey