Development of Camelot on Main Receives $36 Million Financing

News Summary

Camelot on Main, a luxury residential project in Sayreville, has secured $36 million in construction financing to build 142 upscale units. Strategically located near major roadways and public transport, the project features high-end amenities and aims to meet the increasing demand for affordable housing in Middlesex County. With a construction timeline of 24 months, Camelot on Main is set to enhance the local housing landscape and provide modern living options.

New Luxury Development Secures $36 Million in Financing

In a significant boost to the housing market in Sayreville, a new luxury residential development named Camelot on Main has secured $36 million in construction financing. The financing was arranged by JLL Capital Markets, representing the borrower, Kaplan Cos. The funds will be utilized to construct a modern living complex that promises to attract both families and professionals to the region.

Details of the Development

Camelot on Main is set to become a prominent feature in Sayreville’s real estate landscape. The project will comprise a total of 142 units in a mid-rise structure, spread across six buildings of three to four stories each. Located at 925 Main Street, the development boasts a prime location near major transportation routes, including the Garden State Parkway, Route 9, and Interstate 95. This strategic positioning will provide residents with easy access to public transit, including the nearby South Amboy Train Station, which connects commuters to Newark and New York City.

Attractive Housing Options

Given the current trends in housing, Middlesex County is emerging as a favored choice for those looking for affordable living options away from Manhattan. The Camelot on Main project aims to cater to this demand by offering a blend of luxury and affordability. Of the 142 units, 134 will be market-rate apartments, while the remaining 8 units will be designated as affordable housing. Each unit is set to have a blended average size of 1,068 square feet.

High-End Finishes and Amenities

Residents can expect high-quality finishes within their apartments, including quartz countertops, stainless steel appliances, gas ranges, and island kitchens. Additional modern conveniences will include in-unit washers and dryers, luxury plank flooring, and 9-foot ceilings. Selected units will also feature private balconies, enhancing the living experience.

Beyond individual units, Camelot on Main will offer a range of community amenities to promote a vibrant lifestyle. Planned features include a fitness center, a pool, a lounge area with a coffee bar, a parcel room for deliveries, a fire pit, a barbecue area, a playground for children, bike storage, and even a dog park for pet owners.

Project Timeline and Investment

Site work for the Camelot on Main development is already underway, with Kaplan Cos. reporting that over $5 million has been spent thus far. Construction is expected to be completed within 24 months, followed by a nine-month lease-up period where the new units will become available to prospective tenants.

Implications for the Local Housing Market

The introduction of Camelot on Main is seen as a positive development for Sayreville and the surrounding communities. By providing luxury accommodations alongside affordable housing options, this project will contribute significantly to the local housing inventory, meeting the needs of a diverse population seeking quality living spaces.

As plans unfold and construction progresses, the future of Camelot on Main appears poised to make a substantial impact on living standards in Sayreville.

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Additional Resources

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