SAYREVILLE, N.J. — JLL Capital Markets has arranged a $36 million construction loan on behalf of Kaplan Cos. The Highland Park, New Jersey-based, family-owned developer is using the loan to finance construction of Camelot on Main, a 142-unit property in Sayreville, about 34 miles south of Midtown Manhattan. Provident Bank provided the funds. Kaplan has already begun site work, having spent about $5 million on the project so far. Construction is slated for completion in 2027.
Camelot on Main will feature 134 market-rate and eight affordable units within six buildings. Rent restrictions on the affordable apartments were not disclosed. Amenities include a fitness center, pool, lounge area with a coffee bar, package room, fire pit, barbecue area, playground, bike storage and a dog park.