JLL Capital Markets on Thursday said it arranged $17.5 million in financing for the development of The Rail @ Red Bank, a 57-unit, Class A apartment project in Red Bank.
JLL worked on behalf of Denholtz Properties to borrow and secure the 30-month, floating-rate construction loan followed by a 10-year forward permanent loan through Provident Bank.
In addition to the luxury units, The Rail will feature more than 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.
It is ideally located in a transit-oriented location at 116-118 Chestnut St., adjacent to the Red Bank Train Station. In addition to train service, the property is within a convenient distance 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.