745 Hamilton St. in Somerset — Courtesy: JLL
By Joshua Burd
A developer has secured a $12 million loan in connection with a new 61-unit apartment building in the Somerset section of Franklin, brokers with JLL announced Thursday.
The borrower, Country Classics at Hamilton, will use the proceeds to refinance the property at 745 Hamilton St. JLL represented the developer in securing the 12-year, fixed-rate loan through Nationwide Life Insurance Co.
“We were happy to help our client secure long-term, fixed-rate financing with one of our correspondent life company relationships,” said Matthew Pizzolato, a director in JLL’s New Jersey capital markets office. “Country Classics did a fantastic job developing 745 Hamilton and Nationwide recognized this and offered attractive terms while the property was still in lease-up.”
Pizzolato completed the assignment alongside Senior Managing Director Jim Cadranell and Vice President Michael Lachs. They noted that 745 Hamilton, which was completed earlier this year, includes a mix of one- and two-bedroom luxury apartments and 4,322 square feet of ground-floor retail space.
Located less than two miles from downtown New Brunswick, the building features amenities such as a new fitness center, a yoga studio and high-quality camera and package delivery systems.