A rendering of The Rail @ Red Bank — Rendering by Rotwein + Blake/Courtesy: JLL
By Joshua Burd
Denholtz Properties has secured more than $17 million in financing to develop 57 luxury apartments and retail space in Red Bank, brokers with JLL announced Thursday.
The firm’s New Jersey-based capital markets team represented Denholtz in arranging the debt for The Rail @ Red Bank, which will be located at 116-118 Chestnut St. adjacent to the borough’s train station. Provident Bank is providing the $17.5 million in financing, which includes a 30-month, floating-rate construction loan followed by a 10-year forward permanent loan.
“JLL is excited to have helped Denholtz Properties with this transit-oriented development,” said Michael Klein, a senior managing director with JLL. “Situated next door to Denholtz’s new corporate office and the NJ Transit train platform, this project is going to help transform the immediate neighborhood and anchor the area for years to come.”
Klein completed the assignment alongside Senior Managing Director Jon Mikula and Associate Andrew Zilenziger. In a news release, the team noted that The Rail @ Red Bank will feature amenities such as two grand amenity decks, a rooftop deck, a fitness center with a yoga studio and fitness on demand and other offerings.
Along with its 57 upscale apartments, The Rail will feature more than 6,500 square feet of retail space and a two-level, on-site parking garage with 147 spaces. Residents will benefit from not only the adjacent rail station, but its proximity to Academy Bus service, the Seastreak Ferry from Atlantic Highlands and major roadways such as Route 35, the Garden State Parkway and Route 520.
Completion is expected later this year.
“Provident recognized the untapped potential for this underutilized neighborhood,” Mikula added.
