The Somerset at Montgomery at 1377 Route 206 in Montgomery Township — Courtesy: CBRE
By Joshua Burd
The developer of a new 115-unit luxury rental community in Somerset County has closed on $31 million in permanent financing, according to brokers with CBRE.
The debt placement team, which sourced the deal on behalf of Country Classics, said New York Life provided the loan in connection with the complex at 1377 Route 206 in Montgomery Township. That comes roughly two years after the completion of what’s known as The Somerset at Montgomery, which consists of two buildings with a combined 92 market-rate and 23 affordable apartments, amenity spaces and 220 surface parking spaces.
CBRE’s Matthew Pizzolato, Josh Stein, Jason Gaccione, Shawn Rosenthal and Jake Salkovitz spearheaded the transaction on the borrower’s behalf.
“We are pleased to have secured permanent financing for this high-quality asset on behalf of our client,” Pizzolato said. “The Somerset at Montgomery represents a premier residential community, offering strong connectivity to major transportation corridors, close proximity to downtown Princeton and access to one of the region’s most dynamic employment hubs.”
Located in the township’s Skillman section, the property has immediate access to a robust retail corridor. That includes Montgomery Promenade, a newly developed, 293,000-square-foot retail center anchored by Whole Foods and complemented by green space, plus a wide range of dining, shopping and recreational options.
Residents at the complex enjoy features such as upscale finishes and appliances, private balconies, a fitness center, dedicated storage and electric vehicle charging stations.
