JLL Capital Markets Secures $36 Million Financing for Camelot on Main

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.

$36 Million Secured for Camelot on Main in Sayreville, NJ

JLL Capital Markets has secured a notable $36 million in construction financing for the upcoming Camelot on Main, a luxurious residential project set to transform Sayreville, New Jersey. This financing marks a significant step forward in the realization of the 142-unit mid-rise development, which is located at 925 Main Street.

Prime Site and Development Details

Camelot on Main will comprise six buildings, each standing three to four stories tall. This residential development not only aims to enhance Sayreville’s housing stock but also targets those looking for high-quality living spaces outside of Manhattan. The development includes 134 market-rate units and eight affordable housing units, catering to a diverse range of potential residents.

The average unit size is designed to be 1,068 square feet, showcasing a blend of luxury and comfort. Finishes within the apartments will feature quartz countertops, stainless steel appliances, and gas ranges, among other high-end amenities. This approach aims to attract renters looking for modern conveniences in a prime location.

Strategic Location and Community Amenities

Located in Middlesex County, Camelot on Main benefits from its proximity to major highways, such as the Garden State Parkway, Route 9, and Interstate 95. Additionally, public transportation is accessible via the South Amboy Train Station, which connects residents to broader employment opportunities in Newark and New York City. Middlesex County has seen an influx of residents seeking quality housing, backed by an impressive average household income of $146,000 in the area.

The community amenities planned for Camelot on Main are extensive. Residents will be able to enjoy a fitness center, pool, and a lounge area with a coffee bar. Other amenities include package rooms, fire pits, barbecue areas, and playgrounds, alongside designated bike storage and a dog park. These features are designed to enhance the communal living experience and attract prospective renters.

Financing Details and Future Outlook

JLL Capital Markets represented the borrower, Kaplan Companies, in obtaining a three-year, floating-rate loan through Provident Bank. Experts in the field anticipate that Camelot on Main will be a valuable addition to the local housing market, addressing the growing demand for luxury accommodations in the region. The project is expected to provide a critical resource for potential residents seeking housing closer to urban employment hubs.

The JLL Capital Markets Debt Advisory team played a significant role in facilitating this financing. They were led by experienced professionals, indicative of the firm’s established reputation in real estate financing. JLL’s global presence, with over 3,000 Capital Markets specialists and offices in nearly 50 countries, underscores the company’s capability in delivering comprehensive capital solutions for developers and investors alike.

Conclusion

With financing now in place, Camelot on Main is poised to become a prominent feature in Sayreville, providing essential residential options while contributing to the area’s economic development. This project not only enhances the local housing inventory but also reflects the broader trends of housing demand in suburban regions adjacent to major urban centers.

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Additional Resources

• YieldPro: Camelot on Main
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• 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