Camelot at Toms River at 100 Kaplan Court in Toms River — Courtesy: JLL
By Joshua Burd
Kaplan Cos. has secured nearly $27 million in financing for a newly built, 128-unit apartment property in Ocean County, in a newly completed deal by JLL.
According to the debt placement team, Nuveen Real Estate provided the five-year, fixed-rate loan in connection with Camelot at Toms River. Proceeds will support the upscale development at 100 Kaplan Court, which the builder unveiled last spring as the second phase of a development about two miles from Route 9.
JLL Senior Managing Director Michael Klein, Managing Director Matthew Pizzolato and Senior Analyst Salvatore Buzzerio led the team sourcing the $26.8 million deal.
“JLL is pleased to have worked with the Kaplan team once again to secure short-term permanent financing,” Klein said. “This will enable them to season a recently constructed Class A community before putting long term debt on the property allowing them to theoretically lock in a lower interest rate as market conditions improve.”
Located off Hooper Avenue, Camelot at Toms River has a mix of luxury one- and two-bedroom units and amenities such as a 2,098-square-foot clubhouse, a high-end fitness center, a yoga room, a heated swimming pool, a grilling and fire pit area and a dog park, JLL said. The firm added that 26 of the 128 units have been reserved as affordable housing.
Residents, meantime, are minutes from the Garden State Parkway and Route 9 and within two miles of County Road 549, which serves as the primary north-south commuting route. Roughly 20 minutes from the property is NJ Transit’s Bayhead train station, providing connectivity to New York Penn Station, Newark and Newark Liberty International Airport.
Kaplan unveils new 128-unit luxury rental complex in Toms River, its first in Ocean County
