One of the larger mixed-income communities built in Ocean County in recent years has secured additional financing just months after launching their leasing operations.
JLL recently announced that it has arranged $26.8 million financing for Camelot at Toms River, a 128-unit luxury apartment community in Toms River. The company worked on behalf of the borrower, Kaplan Companies, to secure the five-year, fixed-rate loan through Nuveen Real Estate.
“JLL is pleased to have worked with the Kaplan team once again to secure short term permanent financing,” said JLL Senior Managing Director Michael Klein. “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.”
The development, which officially opened in June last year, 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 units serve as affordable housing. 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 Court, the property is near the Seacourt Pavilion and offers residents convenient access to several major highways. NJ Transit’s Bayhead station is about 20 minutes north of Camelot at Toms River, providing access to various rail lines.
The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Michael Klein, Managing Director Matthew Pizzolato and Senior Analyst Salvatore Buzzerio.