$47 Million in financing secured for New Jersey active adult community development
JLL Capital Markets led financing efforts for Amaranth at North Brunswick
North Brunswick, NJ — JLL Capital Markets arranged $47 million in financing for the recently constructed Amaranth at North Brunswick, a 222-unit, luxury, 55+ active adult community in North Brunswick.
JLL represented the borrower, The Kaplan Companies, in securing the 7-year, fixed rate loan from Nuveen Real Estate. Proceeds were utilized to retire its existing construction loan.
Amaranth at North Brunswick features low-maintenance living with one- and two-bedroom floorplans with up to 1,397 s/f of living space. Residents have access to onsite amenities such as a versatile clubhouse with a state-of-the-art fitness center, yoga room, package room, multipurpose room, dog spa and demonstration kitchen. 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.
Amaranth at North Brunswick is located at 2775 U.S. Rte. 130, in North Brunswick, which is a growing community with almost 40,000 residents spanning 12.3 square miles. The property is directly proximate to Rte. 130, Rte. 1, and the NJ Tpke., giving residents easy access to local restaurants and shopping destinations.
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.