JLL Capital Markets facilitates loan for Camelot West at Townelake, in Sayreville, NJ

Sayreville, NJ — JLL Capital Markets has secured a $47.5 million refinancing for Camelot West at Townelake, a newly delivered 176-unit luxury multifamily community in Sayreville.

JLL worked on behalf of the borrower, Kaplan Companies, in arranging the five-year, fixed-rate loan through a regional bank.

Camelot West at Townelake, located at 5105 Brown Rd. in Sayreville’s Middlesex County, offers residents convenient access to public transportation and highway infrastructure with proximity to the Garden State Parkway, Route 9 and Interstate 95. The property provides commuter bus service throughout Sayreville and commuter rail access via the South Amboy Train Station, with direct service available to employment centers including Newark and Manhattan.

Middlesex County continues to attract renters seeking residence outside Manhattan with convenient transportation access at discounted prices compared to New Jersey’s Hudson Waterfront Submarket. The area benefits from a well-diversified economy with warehouse/distribution, light manufacturing, retail trade, finance, professional services, educational, health, life sciences and social service sectors.

Camelot West at Townelake features seven residential buildings including five 28-unit four-story elevator-served buildings, one 10-unit three-story elevator-served building and one 26-unit four-story elevator-served building that includes the community’s clubhouse and management/leasing office. The luxury mid-rise community offers 166 market-rate units and 10 COAH units with a unit mix of one-, two- and two three-bedroom units.

The property offers large units with a 1,153 s/f blended average unit size and luxury finishes including Silestone countertops, stainless steel appliances, gas ranges, island kitchens, mosaic tile backsplashes, in-unit washer/dryers, luxury plank flooring, walk-in closets, nine-foot ceilings and balconies in select units. Community amenities include a fitness center, pool, lounge area with coffee bar, parcel room, barbecue area, playground, bike storage, dog park and grooming area. The property provides ample parking with 342 spaces including 72 individual unit garages with EV charging stations, 72 driveway spaces and 198 surface spaces.

JLL Capital Market’s Debt Advisory team representing the borrower was led by senior managing directors Michael Klein and Jim Cadranell and associate John Cumming.

“Kaplan Companies has been changing the face of modern luxury apartment living in Middlesex County for decades,” said Klein. “Camelot West’s proximity to a diverse transportation infrastructure, several regional employment centers and retail establishments makes this a highly desirable location for renters and we saw a significant amount of interest from the lender community as well.”