News Summary
JLL Capital Markets has arranged $36 million in financing for the Camelot on Main development in Sayreville, NJ. The project includes 142 luxury units, enhancing local housing inventory. Located with easy access to highways and public transport, this development offers appealing amenities aimed at a diverse community. With significant financing secured, Camelot on Main is poised to attract new residents to Sayreville’s growing housing market.
JLL Capital Markets Secures $36 Million Financing for Luxury Development in Sayreville, NJ
JLL Capital Markets has successfully arranged a substantial $36 million in construction financing for the Camelot on Main residential development, situated in Sayreville, Middlesex County, New Jersey. This financing is directed towards the establishment of a 142-unit luxury mid-rise development scheduled to enhance the housing inventory in the area.
Details of the Development
Camelot on Main will comprise six buildings, with structures ranging from three to four stories tall. It will host a blend of 134 market-rate units and eight affordable housing units, appealing to a diverse spectrum of residents. Units will average around 1,068 square feet in size, which caters to families and individuals seeking spacious living quarters.
The property, located at 925 Main Street, boasts excellent access to major highways such as the Garden State Parkway, Route 9, and Interstate 95. Public transport options are also available via the South Amboy Train Station, enabling residents to connect to crucial employment hubs in Newark and New York City.
Attractive Economic Climate
Middlesex County, where Sayreville is located, has become increasingly popular among those looking for quality housing options outside Manhattan. The area has an appealing average household income of $146,000. The local economy is well-diversified, featuring sectors such as warehouse/distribution, light manufacturing, retail, finance, professional services, education, health, and life sciences, presenting a robust environment for new residents.
Luxurious Amenities
Camelot on Main is set to offer several high-end finishes in its apartments, including quartz countertops, stainless steel appliances, gas ranges, and luxury plank flooring. Additional features will include island kitchens, in-unit washer/dryers, 9-foot ceilings, and balconies in select units. Such amenities promise to create an upscale living experience.
Community facilities will further enhance the development with a fitness center, a refreshing pool, a lounge area equipped with a coffee bar, and a cozy fire pit for gatherings. Outdoor conveniences will include a barbecue area, playground, bike storage, and a dog park, making it a welcoming community for residents and their pets.
Financing Team and Overview
JLL represented the borrower, Kaplan Companies, in securing a three-year floating-rate loan through Provident Bank to support the project. The JLL Capital Markets Debt Advisory team that handled this financing was led by senior professionals who are well-respected in the industry for their expertise in real estate financing solutions.
The strategic location of Camelot on Main, along with its proximity to retail centers, major highways, and public transportation, marked it as a viable financing opportunity. This development is anticipated to be a significant addition to Sayreville’s housing market, enhancing the area’s attractiveness to potential residents.
About JLL Capital Markets
JLL Capital Markets is recognized as a leading global provider of capital solutions for real estate investors and occupiers, with over 3,000 Capital Markets specialists situated across nearly 50 countries. Their expertise positions them as a key player in facilitating significant real estate transactions, benefiting communities with developments that boost local economies and provide modern living spaces.
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Additional Resources
- YieldPro: Camelot on Main
- MyCentralJersey: Sayreville Councilwoman Murder Trial
- YieldPro: Camden Cimarron
- NJ.com: Jury to Deliberate in Murder Trial of NJ Councilwoman
- Patch: Man Found Guilty of Murdering Sayreville Councilwoman
- Wikipedia: Sayreville, New Jersey
- Google Search: Sayreville Councilwoman Murder Trial
- Google Scholar: Sayreville Real Estate Development
- Encyclopedia Britannica: New Jersey
- Google News: Sayreville News
