Sayreville, NJ — Camelot at La Mer V has obtained a $45.5 million loan arranged through the New Jersey office of NorthMarq. Gary Cohen, managing director and Marc Nevins, vice president oversaw the transaction. The property is a 273-unit apartment community located in Sayreville, NJ and is part of Overlook at La Mer, a master planned community developed by Kaplan Companies. The fixed rate financing was structured on a fully amortizing, 35-year term through one of NorthMarq’s correspondent life insurance companies. Earlier this year, NorthMarq arranged a $15.5 million, 35-year self-amortizing loan for another Kaplan property with a national life insurance company. That property consists of 117 units and is located in Perth Amboy, NJ. “The Kaplan Companies are a best in class developer of premier apartment communities and requested me to arrange long term, self-amortizing loans,” said Cohen. “We received multiple competitive quotes and I am pleased to have assisted in this outstanding execution.” As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets.
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