Camelot West at Townelake at 5105 Brown Road — Courtesy: JLL
By Joshua Burd
Kaplan Cos. has closed on $47.5 million in permanent financing for a newly completed, 176-unit luxury apartment complex in Sayreville, brokers with JLL announced Wednesday.
According to a news release, an undisclosed regional bank provided the five-year, fixed-rate loan in connection with the project at 5105 Brown Road. The deal follows Kaplan’s recent delivery of the seven-building Camelot West at Townelake, which includes 166 market-rate and 10 affordable units across a mix of one-, two- and three-bedroom floorplans, providing residents with easy access to mass transit and highways such as the Garden State Parkway, Route 9 and the New Jersey Turnpike.
JLL senior managing directors Michael Klein and Jim Cadranell and Associate John Cummin led the team representing the borrower.
“Kaplan Companies has been changing the face of modern luxury apartment living in Middlesex County for decades,” Klein said. “Camelot West’s proximity to a diverse transportation infrastructure, several regional employment centers and retail establishments makes this a highly desirable location for renters and we saw a significant amount of interest from the lender community as well.”
In announcing the deal, JLL noted that the complex has amenities such as a fitness center, a pool, a lounge area with a coffee bar, a grilling area, a playground and others. Residents have on-site parking including 72 individual unit garages with electric vehicle charging stations, 72 driveway spaces and 198 surface spaces, plus access to commuter bus service throughout Sayreville and commuter rail access via NJ Transit’s South Amboy Train Station.
The brokerage team added that Middlesex County continues to attract renters seeking homes outside Manhattan with convenient transportation access at discounted prices compared to New Jersey’s Hudson waterfront submarket. The area benefits from a well-diversified economy with warehouse and distribution, light manufacturing, retail trade, finance, professional services, educational, health, life sciences and social service sectors.
