8A — August 2023 — Financial Digest — Investment / Multifamily Financing — M id A tlantic Real Estate Journal
www.marej.com
I nvestment / M ultifamily F inancing
JLL Capital Markets led financing efforts for Amaranth at North Brunswick $47 Million in financing secured for New Jersey active adult community development
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nance living with one- and two-bedroom floorplans with up to 1,397 s/f 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 demonstra- tion 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 Bruns- wick is located at 2775 U.S. Rte. 130, in North Brunswick,
which is a growing community with almost 40,000 residents spanning 12.3 square miles. The property is directly proxi- mate to Rte. 130, Rte. 1, and the NJ Tpke., giving residents easy access to local restaurants and shopping destinations. The JLL Capital Markets Debt Advisory team was led by senior managing director Mi- chael Klein , managing direc- tor Matthew Pizzolato and associate Michael Meisner . “Nuveen quickly recognized the quality product that The Kaplan Companies had devel- oped, the leasing velocity that this amenity-laden property had demonstrated throughout lease-up, and the sense of com- munity 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. MAREJ M&T Realty Capital Corp. provides $2M for an AHP BALTIMORE, MD — M&T Realty Capital Corporation has provided a $2 million Fred- die Mac Targeted Affordable Housing (TAH) Tax-Exempt Loan (TEL) for the Preserva- tion and Rehabilitation of Bon Secours Apartments, a 119- unit affordable housing prop- erty located in Baltimore uti- lizing 4% Low-Income Housing Tax Credits (LIHTC). The transaction was led by Sandra DeFelice of M&T Realty Capital Corporation’s Baltimore, office. “We are proud to finance the perma - nent loan for this exciting project in Southwest Balti- more, this transaction utilized numerous funding sources and government partnerships,” said Defelice. “This trans- action demonstrates M&T’s longstanding commitment to Baltimore. The Freddie Mac TAH TEL Loan program pro- vides much needed financing for the acquisition or refinance of stabilized affordable multi- family properties with 4% Low- Income Housing Tax Credits (LIHTC),” she continued. Bon Secours Apartments offers one-, two- and three- bedroom affordable units for rent. Unit amenities include a fully equipped kitchen, in-unit washer and dryer, central A/C and heating. MAREJ
ORTH BRUNS- WICK, NJ — JLL Capital Markets ar-
ranged $47 million in financing for the recently constructed Amaranth at North Brunswick, a 222-unit, luxury, 55+ active adult community in North Brunswick. JLL represented the borrow- er, The Kaplan Companies , in securing the 7-year, fixed rate loan from Nuveen Real Estate . Proceeds were utilized to retire its existing construc- tion loan. Amaranth at North Bruns- wick features low-mainte-
Amaranth at North Brunswick
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