A new senior housing complex in New Brunswick, Middlesex County has obtained an additional loan just about a year after welcoming the first residents to the modern complex.
JLL Capital Markets recently announced that they arranged $47 million in financing for the recently constructed Amaranth at North Brunswick. The 222-unit 55+ active adult community, situated along 2775 U.S. Route 130 in North Brunswick, is named after a blooming flower representing the next stage in life.
JLL represented the borrower, The Kaplan Companies, in securing the 7-year, fixed rate loan from Nuveen Real Estate, the proceeds of which were utilized to retire an existing construction loan. The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Michael Klein, Managing Director Matthew Pizzolato and Associate Michael Meisner.
“Nuveen quickly recognized the quality product that The Kaplan Companies had developed, the leasing velocity that this amenity-laden property had demonstrated throughout lease-up, and the sense of community that the borrower and its on-site management team created here and at its other properties throughout the region and provided a strong quote that best met Kaplan’s needs,” said Klein.
Apartments at Amaranth at North Brunswick range from 823 to 1,397 square feet and boast features like quartz countertops, high-quality flooring, and balconies or patios. The clubhouse includes a resident lounge, demonstration kitchen, a card room, a doggie day spa, a yoga room with interactive mirrors, and a package room.
The property also features a heated swimming pool with barbeque area and fire pits, as well as a dog park, putting green, shuffleboard and bocce.
The Kaplan Companies are looking to further expand upon their Amaranth brand in the Garden State following the success of their North Brunswick development. The company proposed another age-restricted community on former farmland in East Windsor that was approved by the local planning board last year.