July 14, 2023
MORRISTOWN, NJ — JLL Capital Markets has arranged $47 million in financing for the recently constructed Amaranth at North Brunswick, a 222-unit, luxury, 55+ active adult community in North Brunswick, New Jersey.
JLL represented the borrower, The Kaplan Companies, in securing the 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 square feet of living space. Residents have access to a state-of-the-art fitness center, yoga room, package room, multipurpose room, a demonstration kitchen, a heated swimming pool with barbeque area and fire pits, a dog park, dog spa, putting green, shuffleboard, and bocce.
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.
Since 1952, Kaplan Companies have built more than 30,000 homes and apartments throughout New Jersey as well as being involved in numerous projects in Georgia, Pennsylvania, Florida, and Texas. Their current portfolio consists of operating properties with over 1.5 million square feet of commercial and retail holdings, as well as over 4,000 apartment units primarily located in Northern New Jersey.
JLL is a Fortune 500, global commercial real estate and investment management company with over 200 years of experience and operations in over 80 countries.