Camelot on Main: A luxury apartment development in Sayreville, NJ
JLL Capital Markets has arranged $36 million in financing for the Camelot on Main development in Sayreville, NJ. The project includes 142 luxury units, enhancing local housing inventory. Located with easy access to highways and public transport, this development offers appealing amenities aimed at a diverse community. With significant financing secured, Camelot on Main is poised to attract new residents to Sayreville’s growing housing market.
JLL Capital Markets has successfully arranged a substantial $36 million construction financing for the Camelot on Main project, which is set to deliver luxury living options in Sayreville, Middlesex County, New Jersey. This financing is poised to support the development of a new 142-unit mid-rise residential community that will cater to residents seeking modern amenities in a convenient location.
Camelot on Main will consist of six modern buildings ranging from three to four stories, located at 925 Main Street. The project aims to provide a balance of luxury and affordability, comprising 134 market-rate units and eight affordable housing units. With a blended average size of 1,068 square feet, the residences will feature high-end finishes such as quartz countertops, stainless steel appliances, gas ranges, and island kitchens. Additionally, the units will include in-unit washer/dryers, luxury plank flooring, 9′ ceilings, and balconies in select apartments.
Aiming to enhance the lifestyle of its residents, Camelot on Main will offer a range of community amenities. Prospective residents can look forward to enjoying a state-of-the-art fitness center, a swimming pool, and a lounge area complete with a coffee bar. Other planned features include a parcel room, a fire pit, barbecue area, playground, bike storage, and a dog park, fostering a vibrant and connected community atmosphere.
One of the key attractions of Camelot on Main is its strategic location. Sayreville’s access to major highways such as the Garden State Parkway, Route 9, and Interstate 95 provides residents with convenient commuting options. Furthermore, public transportation through the South Amboy Train Station offers connections to significant employment hubs in Newark and New York City. This advantageous positioning is expected to draw residents searching for quality housing outside of the bustling Manhattan area.
Middlesex County is presently experiencing a surge in demand for housing, with many people choosing to move to the region in search of improved living conditions. The area boasts an impressive average household income of $146,000, supported by a diversified economy that encompasses various sectors, including warehouse/distribution, light manufacturing, retail, finance, professional services, education, health, and life sciences. Such conditions are conducive to attracting new developments like Camelot on Main.
The financing arrangement was secured through Provident Bank and represents a three-year, floating-rate loan. JLL Capital Markets acted on behalf of the borrower, Kaplan Companies, with the Debt Advisory team led by Senior Managing Directors and supported by dedicated associates. This effective collaboration underscores the expertise of JLL in navigating the complexities of real estate financing.
Camelot on Main is anticipated to be a significant addition to Sayreville’s housing inventory, providing premium accommodations designed to meet the modern lifestyle needs of its residents. The project’s combination of attractive financing, a desirable location, and quality construction positions it as a compelling opportunity for potential residents, thereby contributing positively to the local real estate market.
The Camelot on Main development stands as a prime example of how strategic planning and expert financing can coalesce to address the growing demand for quality housing in New Jersey. As the construction progresses, the project is expected to create a vibrant living environment that enhances the overall appeal of Sayreville, making it an attractive destination for new residents.
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