The Lofts at Helmetta at 2100 Camelot Court — Courtesy: JLL
By Joshua Burd
Kaplan Cos. has closed on more than $38 million in financing for a 200-unit apartment and townhome property in Helmetta, according to a debt placement team with JLL.
The project, The Lofts at Helmetta, is an adaptive reuse of the historic Helme Snuff Mill complex along Main Street that was built in 1886 and operated for more than a century before shutting down in 1993, according to a news release. It now includes a combined 180 apartments across the Helme and Mills buildings and 20 units across three townhome buildings, JLL said, noting that the property is 96 percent occupied.
Nuveen Real Estate provided the five-year, fixed-rate loan.
“The Lofts at Helmetta represented an exceptional opportunity to refinance a distinctive multifamily asset with strong performance metrics in a prime central New Jersey location,” JLL’s Jim Cadranell said. “The property’s historic character, modern amenities and professional management by Kaplan Companies have created a unique living environment that continues to attract residents looking for quality housing in Middlesex County.”
Cadranell and Michael Klein, both senior managing directors with JLL, and Analyst Michael Donohoe sourced the $38.4 million loan on Kaplan’s behalf. They noted that the mix of one- and two-bedroom homes benefits from its proximity to the New Jersey Turnpike and other highways, a Middlesex County submarket with low vacancy and growing rents and a 22-year payment in lieu of taxes agreement with the town of Helmetta.
Amenities at The Lofts at Helmetta include an on-site fitness center, a pool area, a lounge with coffee bar, a children’s play area, a bar and arcade room and a pet spa, among others.
