$47M in financing secured for New Jersey active adult community development
JLL Capital Markets led financing efforts for Amaranth at North Brunswick
MORRISTOWN, N.J., July 11, 2023 – JLL Capital Markets announced today that it 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 7-year, fixed rate 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 onsite amenities such as a versatile clubhouse with a state-of-the-art fitness center, yoga room, package room, multipurpose room, dog spa and demonstration kitchen. The property also features a heated swimming pool with barbeque area and fire pits, as well as a dog park, putting green, shuffleboard and bocce.
Amaranth at North Brunswick is located at 2775 U.S. Route 130, in North Brunswick, which is a growing community with almost 40,000 residents spanning 12.3 square miles. The Property is directly proximate to Route 130, Route 1, and the NJ Turnpike, giving residents easy access to local restaurants and shopping destinations.
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.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About The Kaplan Companies
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. The Kaplan name has become synonymous with top-quality homes and long-term value in today’s residential market. Few companies in the industry can match the level of service, integrity and professionalism they offer. Today’s Kaplan Companies is dedicated to making the American Dream a reality for families nationwide. To learn more, visit ThinkKaplan.com.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.