MORRISTOWN, Dec. 19, 2023 -JLL announced today that it has arranged a $26.8 million financing for Camelot at Toms River, the 128-unit, luxury apartment community located within Ocean County in Toms River, New Jersey.
JLL worked on behalf of the borrower, Kaplan Companies, to secure the five-year, fixed-rate loan through Nuveen Real Estate.
Built in 2023, Camelot at Toms River features one- and two-bedroom units with nine-foot ceilings, stainless steel appliances, quartz countertops, full-size washers, dryers, walk-in closets and an average size of 1,109 square feet. 26 of the 128 units serve as COAH units. Community amenities include a 2,098-square-foot clubhouse, a state-of-the-art fitness center, a yoga room, heated swimming pool, barbeque area and fire pits and a spacious dog park.
Situated at 100 Kaplan Ct., the property offers residents convenient access to the Garden State Parkway and Route 9, which connect to I-95 (New Jersey Turnpike), as well as the other major highways throughout the region. The property is also located within two miles of County Road 549/Brick Blvd., which serves as the primary north/south commuting route. Approximately 20 minutes north of the property is the NJ Transit Rail station of Bayhead, providing residents connectivity to Penn Station NY, Newark and Newark Airport. Additionally, nearby popular retail outlets include the Ocean County Mall, Toms River Center, Seacourt Pavilion and Commons at Hooper.
The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Michael Klein, Managing Director Matthew Pizzolato and Senior Analyst Salvatore Buzzerio.
"JLL is pleased to have worked with the Kaplan team once again to secure short-term permanent financing. 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," said Klein.
JLL's Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Jones Lang LaSalle Inc. published this content on 19 December 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 December 2023 17:24:46 UTC.
