Plans for The Somerset at Montgomery, a development by Country Classics, call for bringing 115 luxury apartments to a site at 1377 Route 206 in Montgomery. — Courtesy: JLL
By Joshua Burd
A developer has landed a $26.3 million construction loan for a planned 115-unit luxury apartment property outside Princeton, brokers with JLL announced Wednesday.
The debt placement team said the borrower, Country Classics, is slated to build two four-story buildings at 1377 Route 206 in Montgomery as part of what’s known as The Somerset at Montgomery. An undisclosed regional bank provided the three-year, floating-rate construction loan, in a deal sourced by JLL’s Matthew Pizzolato, Jim Cadranell and Ryan Carroll.
“We saw tremendous interest from the lending community for this project due to its desirable location in neighboring Princeton community of Montgomery combined with its Class A sponsorship,” Pizzolato said.
Upon completion, The Somerset at Montgomery will have a mix of one-, two- and three-bedroom floorplans averaging 1,221 square feet, JLL said in a news release. Units will have high-end design, finishes and appliances, while the site will have amenities such as a fitness center, a yoga studio, 227 parking spaces, a playground, basement storage space and private office space for use on every floor.
JLL noted that that site is 4.5 miles from Princeton University and located between New York City and Philadelphia. Nearby highways include interstates 95 and 295 and Route 1, while residents will be close to the Princeton Junction train station and popular retail destinations.
