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 Financing for Luxury Residential Development in Sayreville

JLL Capital Markets has successfully arranged a substantial construction financing deal amounting to $36 million for the development of Camelot on Main, a luxury residential project located in Sayreville. This funding is aimed at kickstarting the construction of the mid-rise building which is set to include 142 units designed for modern living.

Financing Details and Project Location

JLL represented the borrower, Kaplan Companies, in securing a three-year floating-rate loan through Provident Bank. This financial backing will facilitate the construction of Camelot on Main, located at 925 Main Street. The development will comprise six buildings, rising between three to four stories, and is strategically placed near major highways including the Garden State Parkway, Route 9, and Interstate 95.

Access to Public Transportation

Residents will have convenient access to public transportation, as the nearby South Amboy Train Station provides connectivity to Newark and New York City. This advantageous location is expected to appeal to those looking for affordable housing options outside of Manhattan.

Housing Mix and Unit Sizes

Camelot on Main is set to feature a mix of both market-rate and affordable units. The project will include 134 market-rate units and 8 affordable housing units, making it a diverse offering in the Sayreville housing market. The average unit size across the development is projected to be 1,068 square feet, accommodating a range of household sizes and preferences.

Luxury Finishes and Community Amenities

The residences in Camelot on Main will boast high-end finishes, including quartz countertops, stainless steel appliances, and gas ranges. Additional features will comprise island kitchens, in-unit washers and dryers, luxury plank flooring, nine-foot ceilings, and balconies in select units. The project aims to provide a luxurious living experience for its residents.

To enhance community living, Camelot on Main will also offer a variety of amenities. Future residents will have access to 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 a dog park, ensuring a well-rounded lifestyle.

Project Development Timeline

Kaplan Companies has already commenced site work on Camelot on Main, with over $5 million spent thus far in the development process. The construction is estimated to take approximately 24 months, followed by a nine-month lease-up period during which the units will be made available for residents.

Conclusion

The Camelot on Main project represents a significant addition to Sayreville’s housing inventory, enhancing the community’s offerings with new luxury accommodations. With its strategic location, thoughtful design, and comprehensive amenities, the development aims to meet the growing demand for quality housing in the area.

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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