Construction has already begun on Camelot on Main, a 142-unit residential development in Sayreville, but the project got a $36 million boost from a construction loan secured by JLL Capital Markets. The new community is located at 925 Main Street and will comprise six buildings ranging from three to four floors. The project is on a 24-month construction timeline followed by a lease-up period of nine months.
The new Sayreville development will include 134 market-rate and eight affordable housing units, with an average unit size over 1,000 square feet. The apartments will feature quartz countertops, gas ranges, island kitchens, stainless steel appliances, in-unit washer/dryers, plank flooring and high ceilings. Select residences will include balconies.
Residents will enjoy a fitness center, swimming pool, package and parcel room, lounge with coffee bar, barbecue area, firepit, storage, kids playground, and a dog park. Camelot on Main Street affords easy access to major highways, including the Garden State Pkwy, Route 9 and I-95, as well as public transportation. connecting commuters to Newark and New York City.
JLL Capital Market’s Debt Advisory team of Senior Managing Directors Michael Klein and Jim Cadranell, with support from Associate John Cumming, represented the borrower, Kaplan Companies. The three-year, floating-rate loan was acquired through Provident Bank.
“Camelot on Main Street represents a significant addition to Sayreville’s housing inventory, offering new luxury accommodations to the market,” noted JLL’s Klein. “The project’s strategic location in close proximity to retail centers, major highways, and public transportation, and Kaplan Companies’ proven track record in developing similar successful properties in the immediate subject area created a compelling financing opportunity.”
