Plans for The Rail at Bound Brook at 100 Hamilton St. call for 143 upscale apartments with a host of community amenities, as depicted in this rendering. — Courtesy: JLL
By Joshua Burd
A joint venture has landed more than $32 million in construction financing for a planned 143-unit apartment building in Bound Brook, brokers with JLL announced Thursday.
According to the debt placement team, Citizens is providing the three-year, floating rate loan to the team of Denholtz Properties and Redwood Real Estate Group. Proceeds will support the development of The Rail at Bound Brook at 100 Hamilton St., a soon-to-be-built, six-story property across from the borough’s train station.
JLL senior managing directors Michael Klein and Jon Mikula and Vice President Michael Lachs sourced the $32.45 million deal on the joint venture’s behalf.
“Bound Brook has experienced a resurgence of new multi-housing development as demand continues to outweigh supply,” Mikula said. “The Rail at Bound Brook will provide best-in-class amenities and luxury.”
Located in the borough’s downtown, The Rail at Bound Brook will have studio, one-bedroom and two-bedroom floorplans averaging 811 square feet with upscale materials, appliances and finishes, JLL said. Some units will have balconies and large terraces, while all residents will have access to amenities such as a furnished courtyard with lounge areas, a 4,030-square-foot club suite, a game room, a yoga studio and a co-working space.
Plans also call for 650 square feet of retail space and garage parking with 149 spaces.
“JLL is pleased to have secured construction financing for the sponsorship,” Klein said. “This is a transformational project for the market, and we look forward to watching the development progress.”
JLL noted that the site is within a federally designated Opportunity Zone, making it eligible for certain tax benefits in connection with multiyear investments. It’s also adjacent to the Brooks Art Center and close to several shops and restaurants, with quick access to highways such as interstates 287 and 78 and Route 22.
