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.

JLL Secures $36 Million for Luxury Residential Development in Sayreville

JLL Capital Markets has arranged a significant $36 million construction financing deal for the upcoming luxury residential project, Camelot on Main, located in Sayreville, New Jersey. This development is poised to introduce a total of 142 units of high-end living accommodations, catering to the growing demand for quality housing in the region.

Camelot on Main Details

Camelot on Main will feature six buildings ranging from three to four stories, strategically placed at 925 Main St.. With convenient access to major roadways, including the Garden State Parkway, Route 9, and Interstate 95, the location is expected to attract residents commuting to nearby urban centers.

Public transportation accessibility is another advantage, with the nearby South Amboy Train Station offering connections to Newark and New York City, providing residents with easy commuting options.

Housing Options and Amenities

The project will comprise 134 market-rate units and 8 affordable housing units, with a blended average unit size of 1,068 square feet. The luxury interiors will include high-end finishes such as quartz countertops, stainless steel appliances, gas ranges, island kitchens, in-unit washers and dryers, luxury plank flooring, and 9-foot ceilings. Certain units will also feature balconies, enhancing outdoor living options.

To further enrich the living experience, Camelot on Main will offer a variety of community amenities, including:

• Fitness center
• Swimming pool
• Lounge area with coffee bar
• Parcel room
• Fire pit area
• Barbecue area
• Playground
• Bike storage
• Dog park

Significance to the Local Housing Market

The addition of Camelot on Main is seen as a vital contribution to the housing supply in Sayreville, particularly as Middlesex County continues to attract residents looking for affordable housing options outside of the more expensive Manhattan market. The development aims to address the increasing demand for quality housing in a market that is diversifying its economy.

Kaplan Companies, the borrower represented by JLL, has already commenced site work on the Camelot on Main project, with more than $5 million invested thus far. Construction is projected to last 24 months, followed by a nine-month period for leasing up the new units.

The Financing and Project Management Team

The financing deal was structured as a three-year floating-rate loan through Provident Bank, marking a crucial step in the realization of this luxury residential development. The JLL Capital Markets debt advisory team responsible for securing this financing included Senior Managing Directors Michael Klein and Jim Cadranell, with the assistance of Associate John Cumming.

In summary, with a total investment of $36 million, Camelot on Main is set to bring luxurious living options to Sayreville, enhancing the area’s residential offerings and creating a desirable community environment. This development not only reflects the growing housing needs of the region but also enhances the overall appeal of Middlesex County as a residential destination.

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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