Camelot at Townelake at 100 Baist Drive in Sayreville — Courtesy: NorthMarq
By Joshua Burd
The owner of a 184-unit apartment complex in Sayreville has refinanced for $27 million, in the largest of three newly announced transactions by NorthMarq.
The capital markets firm’s New Jersey office represented the borrower, The Kaplan Cos., in sourcing the permanent-fixed loan for its Camelot at Townelake complex at 100 Baist Drive. A correspondent life insurance company provided the debt, which was structured with a 35-year fully amortizing term.
The property consists of 124 one-bedroom and 60 two-bedroom units, NorthMarq said.
“The Kaplan Companies, a best-in-class developer of premier apartment communities, was looking for a long term, self-amortizing loan,” said Gary Cohen, senior vice president and managing director of NorthMarq’s New Jersey office. “We received multiple competitive quotes and we were able to secure one at a great rate with terms that met their business plan.”
The deal was among three loans secured by the Morristown-based team for a total of $50.869 million, which refinanced a combined 387 units in Middlesex County. The firm also worked on behalf of a Kamson Corp. affiliate to arrange a $17.75 million loan for Country Living at Mapleview, a 137-unit property at 109A Mapleview Drive in Old Bridge.
In North Brunswick, NorthMarq secured $6.094 million to refinance a 66-unit property known as Kendall Court. Located at 51 Schmidt Lane, the complex consists of 54 one-bedroom and 12 two-bedroom homes.
Both properties were structured with a 10-year term and two years of interest-only payments followed by a 30-year amortization schedule, according to a news release. NorthMarq secured the financing for Kamson through Freddie Mac.
“The Kamson Corporation is one the Northeast’s premier apartment management organizations and is very active in the central New Jersey market,” Cohen said. “NorthMarq was able to help Kamson secure long-term financing for both properties at an attractive rate and before the latest run up in Treasuries.”