Active adult community in North Brunswick secures $47M in financing

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A recently built 55-plus active adult community in Middlesex County has secured $47 million in financing.

JLL Capital Markets said July 11 it arranged the seven-year, fixed-rate loan from Nuveen Real Estate on behalf of Highland Park-based Kaplan Cos. for Amaranth at North Brunswick. Proceeds were utilized to retire the 222-unit community’s existing construction loan.

Located at 2775 U.S. Route 130 in its namesake city, Amaranth at North Brunswick offers one- and two-bedroom floorplans with up to 1,397 square feet of living space. Onsite amenities include a clubhouse with fitness center; yoga, package and multipurpose rooms; a dog spa and demonstration kitchen, in addition to a heated swimming pool with barbeque area and fire pits. A dog park, putting green, shuffleboard and bocce also complement the outdoor features.

Beyond the highway it is located along, the property is proximate to U.S. Route 1 and the New Jersey Turnpike, offering easy access to local restaurants and shopping.

The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Michael Klein, Managing Director Matthew Pizzolato and Associate Michael Meisner.

“Nuveen quickly recognized the quality product that The Kaplan Cos. had developed, the leasing velocity that this amenity-laden property had demonstrated throughout lease-up, and the sense of community 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,” Klein said.

North Brunswick is a growing community with nearly 44,000 residents across 12.3 square miles.

Kaplan Cos.’ additional properties in the township include Colony Oaks and Hidden Lake. And, the company has plans to expand the age-restricted Amaranth brand, announcing a forthcoming East Windsor location for the luxury rental option.

“Amaranth has the feel of a deluxe hotel and spa, with a high-tech yoga studio, a heated pool, outdoor social spaces with TVs, a community garden and a shared chef’s kitchen in an expansion clubhouse,” according to Jonathan Jaffe, president and CEO of Jaffe Communications, which provides public relations services for Kaplan Cos.

In an article for NJBIZ last year, Jaffe recounted the rich history of the family-owned commercial development firm on the occasion of its 70th year in business.

“Amaranth breaks the mold of the traditional active-adult community that has become cookie-cutter construction in central New Jersey,” Jason Kaplan explained in that piece. “It is specifically designed with a ‘wow’ factor, shattering all preconceived notions of active adult living. Once again, we’ve proudly escalated the market to a whole new level.”