New multifamily development The Somerset at Montgomery on Route 206 has secured $31 million in permanent financing.

CBRE arranged the loan for The Somerset at Montgomery. Located at 1377 Route 206 in Montgomery Township, the community comprises 115 units.

According to CBRE’s March 30 announcement, New York Life provided the funds to the developer, Country Classics.

The CBRE Debt & Structured Finance team of Senior Vice President Matthew Pizzolato, Senior Associate Josh Stein, Vice Chairman Jason Gaccione and Shawn Rosenthal, and Vice President Jake Salkovitz facilitated the loan on behalf of the borrower.

Delivered in 2024, The Somerset at Montgomery got started in 2022. The project includes 92 market-rate and 23 affordable apartments with 220 surface parking spots. Beyond modern floorplans, residences include in-unit washers and dryers along with high-end finishes. The property also includes EV chargers, private balconies, a fitness center and dedicated storage.

“The Somerset at Montgomery represents a premier residential community,” Pizzolato said, saying it offers “strong connectivity to major transportation corridors, close proximity to downtown Princeton, and access to one of the region’s most dynamic employment hubs.”

The property is less than a mile from the forthcoming Montgomery Promenade. The highly anticipated retail center will add 293,000 square feet of space anchored by a Whole Foods Market. With Phase 1 fully leased, the project is scheduled to open by autumn, The Montgomery News reported in February. Planning started about 15 years earlier, the outlet noted.

Hillsborough-based Country Classics’ portfolio also includes Harrison Square in Frenchtown, Fairway 28 in Bridgewater and 745 Hamilton in Somerset.