Known as Camelot on Main Street, a development by Kaplan Cos. will bring 142 luxury apartments to a site at 925 Main St. in Sayreville. — Rendering courtesy: JLL
By Joshua Burd
Kaplan Cos. has secured a $36 million construction loan for a planned six-building, 142-unit multifamily project in Sayreville, in a newly announced deal by JLL.
According to the debt placement team, Provident Bank originated the three-year, floating-rate financing in connection with the development at 925 Main St. Site work is already underway for what will be known as Camelot on Main Street, JLL said, with more than $5 million spent to date and an expected 24-month construction timeline followed by nine months of lease-up.
Michael Klein and Jim Cadranell, both senior managing directors with JLL, sourced the loan with support from Associate John Cumming.
“Camelot on Main Street represents a significant addition to Sayreville’s housing inventory, offering new luxury accommodations to the market,” Klein said. “The project’s strategic location in close proximity to retail centers, major highways and public transportation, and Kaplan Companies’ proven track record in developing similar successful properties in the immediate subject area created a compelling financing opportunity.”
In a news release, JLL said Camelot on Main Street will consist of three- to four-story buildings with 134 market-rate and eight affordable housing units, plus amenities such as a fitness center, a pool, a lounge area with a coffee bar, a playground and others. Residents will be minutes from highways such as the Garden State Parkway, Route 9 and the New Jersey Turnpike and the South Amboy train station, providing easy access to employment hubs in Newark and New York City via Secaucus Junction and New York Penn stations.
JLL added that Middlesex County has an average household income of $146,000, plus a well-diversified economy spanning the warehouse and distribution, light manufacturing, retail, finance, professional services, educational, health and life sciences sectors.
