$26.8M financing secured for newly developed apartments in Ocean County, New Jersey
JLL Capital Markets arranged the financing for the 128-unit, luxury Camelot at Toms River
MORRISTOWN, Dec. 19, 2023 – JLL announced today that it has arranged a $26.8 million financing for Camelot at Toms River, the 128-unit, luxury apartment community located within Ocean County in Toms River, New Jersey.
JLL worked on behalf of the borrower, Kaplan Companies, to secure the five-year, fixed-rate loan through Nuveen Real Estate.
Built in 2023, Camelot at Toms River features one- and two-bedroom units with nine-foot ceilings, stainless steel appliances, quartz countertops, full-size washers, dryers, walk-in closets and an average size of 1,109 square feet. 26 of the 128 units serve as COAH units. Community amenities include a 2,098-square-foot clubhouse, a state-of-the-art fitness center, a yoga room, heated swimming pool, barbeque area and fire pits and a spacious dog park.
Situated at 100 Kaplan Ct., the property offers residents convenient access to the Garden State Parkway and Route 9, which connect to I-95 (New Jersey Turnpike), as well as the other major highways throughout the region. The property is also located within two miles of County Road 549/Brick Blvd., which serves as the primary north/south commuting route. Approximately 20 minutes north of the property is the NJ Transit Rail station of Bayhead, providing residents connectivity to Penn Station NY, Newark and Newark Airport. Additionally, nearby popular retail outlets include the Ocean County Mall, Toms River Center, Seacourt Pavilion and Commons at Hooper.
The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Michael Klein, Managing Director Matthew Pizzolato and Senior Analyst Salvatore Buzzerio.
“JLL is pleased to have worked with the Kaplan team once again to secure short-term permanent financing. This will enable them to season a recently constructed class A community before putting long term debt on the property allowing them to theoretically lock in a lower interest rate as market conditions improve,” said Klein.
JLL’s Capital Markets group 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 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.
About Kaplan Companies
Since 1952, Kaplan Companies have built more than 25,000 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 23 total properties, primarily 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.