JLL arranges $17.5M loan for New Jersey apartment development
Loan proceeds will fund the construction of a Class A property in Red Bank
MORRISTOWN, N.J., March 26, 2020 – JLL Capital Markets announced today that it has arranged $17.5 million in financing for the development of The Rail @ Red Bank, a 57-unit, Class A apartment project in Red Bank, Monmouth County, New Jersey.
JLL worked on behalf of the borrower, Denholtz Properties, to secure the 30-month, floating-rate construction loan followed by a 10-year forward permanent loan through Provident Bank.
The Rail @ Red Bank will consist of 57 luxury units along with over 6,500 square feet of retail space and a two-level, on-site parking garage with 147 spaces. The property will provide residents with modern amenities such as two grand amenity decks, a rooftop deck, fitness center with a yoga studio and fitness on demand, resident clubroom, bike storage room, dog wash station and game room. Unit features will include stainless steel appliances, engineered wood flooring in the living areas, tiled bathrooms, quartz/granite countertops, nine-foot ceilings, in-unit washers and dryers and heating/cooling systems.
The property is ideally positioned in a transit-oriented location at 116-118 Chestnut Street, which is adjacent to the Red Bank Train Station. In addition to train service, the property is proximate to Academy Bus service and the Seastreak Ferry from Atlantic Highlands. The property also offers access to major roadways, including State Route 35, the Garden State Parkway and County Route 520. Completion is expected later this year.
The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Jon Mikula and Michael Klein and Associate Andrew Zilenziger.
“JLL is excited to have helped Denholtz Properties with this transit-oriented development,” Klein said. “Situated next door to Denholtz’s new corporate office and the NJ Transit train platform, this project is going to help transform the immediate neighborhood and anchor the area for years to come.”
“Provident recognized the untapped potential for this underutilized neighborhood,” Mikula added.
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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Denholtz Properties
Denholtz Properties is a leading privately held, fully integrated commercial real estate development and investment company. Powered by technology and driven by their deep experience, they are continually working to reimagine real estate, creating innovative living and working spaces. Their diversified portfolio of real estate investments spans industrial and office properties as well as transit-oriented mixed-use and value-add projects in urban cores aimed at enhancing and transforming the communities to deliver superior risk-adjusted returns to investors.