Camelot on Main: A luxury apartment development in Sayreville, NJ
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 has successfully arranged a substantial $36 million financing package for the upcoming Camelot on Main, a luxury residential development in Sayreville, New Jersey. This financing will support the construction of a modern mid-rise building that will feature 142 premium residential units.
The project is being developed by Kaplan Companies and is situated prominently at 925 Main Street, which provides excellent access to major transportation routes. These include the Garden State Parkway, Route 9, and Interstate 95, making the location highly accessible for potential residents and visitors alike.
The Camelot on Main development will consist of six buildings, each ranging between three and four stories high, indicating a significant investment in the community. Of the total units, 134 will be market-rate while eight will be designated as affordable housing, contributing to the area’s diverse housing options.
Sayreville continues to experience a surge in interest from residents looking for quality housing options outside of Manhattan, with the average household income in Middlesex County reported at $146,000. The area’s economy is robust and well-diversified, covering crucial sectors such as warehouse and distribution, light manufacturing, retail, finance, professional services, education, as well as health and life sciences.
The intended units in Camelot on Main are designed to be spacious, with a blended average size of 1,068 square feet. Each unit is expected to boast high-end finishes, including quartz countertops, stainless steel appliances, gas ranges, and island kitchens. Additional conveniences such as in-unit washer/dryers, luxury plank flooring, 9-foot ceilings, and balconies in select units will elevate the living experience for residents.
A variety of community amenities are planned for the development, aimed at fostering a lively residential atmosphere. These include a fitness center, a swimming pool, a lounge area with a coffee bar, a parcel room, a fire pit, a barbecue area, a playground, bike storage, and even a dog park to cater to pet owners. This range of features is tailored to enhance both individual living experiences and community interactions.
The financial arrangement for Camelot on Main includes a three-year, floating-rate loan provided by Provident Bank. JLL Capital Markets represented Kaplan Companies during this financing process. The Debt Advisory team from JLL, consisting of experienced professionals, recognized the development as a compelling opportunity due to its strategic location near retail centers and essential transport links.
As a global provider of capital solutions for real estate investors and occupiers, JLL Capital Markets has over 3,000 specialists worldwide, operating in almost 50 countries. Their vast experience and knowledge in the real estate sector have proven instrumental in guiding profitable developments and facilitating unique projects.
The successful funding for Camelot on Main signals a positive step forward in Sayreville’s real estate landscape, adding much-needed luxury accommodations to the community and further enriching the quality of life for its residents.
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