Amaranth at North Brunswick at 2775 Route 130 in North Brunswick — Courtesy: JLL
By Joshua Burd
The Kaplan Cos. has landed $47 million in financing for a 222-unit active adult community in North Brunswick that the firm unveiled just over a year ago, in a deal arranged by JLL.
In a news release, the brokerage team said Nuveen Real Estate provided the seven-year, fixed rate loan in connection with the property at 2775 Route 130. Kaplan used the proceeds to retire a construction loan for what’s known as Amaranth at North Brunswick, a mix of one- and two-bedroom homes for residents 55 and older.
JLL Senior Managing Director Michael Klein, Managing Director Matthew Pizzolato and Associate Michael Meisner sourced the loan on the developer’s behalf.
“Nuveen quickly recognized the quality product that The Kaplan Companies had developed, the leasing velocity that this amenity-laden property had demonstrated throughout lease-up and the sense of community that the borrower and its on-site management team created here and at its other properties throughout the region and provided a strong quote that best met Kaplan’s needs,” said Klein, who leads JLL’s Morristown-based debt and equity team.
Amenities at the property include a clubhouse with a modern fitness center, a yoga room, a multipurpose room, a dog spa and a demonstration kitchen, JLL said. The site also has a heated swimming pool with a grilling area and fire pits, as well as a dog park, a putting green, shuffleboard and bocce, while residents have easy access to highways such as Route 1 and the New Jersey Turnpike, giving them easy access to local dining and shopping destinations.
