Kaplan Cos. Secures $38.4 Million ReFi Loan for New Jersey Adaptive Reuse Project

HELMETTA, N.J. — Kaplan Cos. has secured a $38.4 million loan to refinance The Lofts at Helmetta, a 200-unit community in Helmetta, located midway between New York and Philadelphia. JLL Capital Markets arranged the five-year, fixed-rate loan funded by Nuveen Capital. The Lofts at Helmetta is an adaptive reuse project. Kaplan Cos. converted a former factory, known as the Helme Snuff Mill Complex, into apartments back in 2017. The Helme Snuff Mill Complex was originally built in 1886 and operated for over a century before ceasing operations in 1993. The property consists of five buildings, including the Helme Building (106 units), the Mills Building (74 units) and three townhome buildings comprising 20 units. The complex offers a mix of one- and two-bedroom units. Amenities include a fitness center, pool, a lounge with a coffee bar, children’s play area, a bar and arcade room, a pet spa, bike storage and storage lockers.