Camelot at Toms River, an apartment luxury community completed earlier in 2023, has secured $26.8 million financing.

JLL announced Dec. 19 it arranged the five-year, fixed-rate loan through Nuveen Real Estate on behalf of the borrower, Kaplan Cos.

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

“JLL is pleased to have worked with the Kaplan team once again to secure short term permanent financing. This will enable them to season a recently constructed class A community before putting long term debt on the property allowing them to theoretically lock in a lower interest rate as market conditions improve,” Klein said.

Having celebrated its opening in June, Camelot at Toms River is the Highland Park-based developer’s first luxury rental property in Ocean County.

The community located at 100 Kaplan Court features one- and two-bedroom units with 9-foot ceilings, stainless steel appliances, full-size washers and dryers and more. Amenities include a more than 2,000-square-foot clubhouse, fitness center, yoga room, heated swimming pool, barbeque area and fire pits and a dog park.

Of the 128 residences, 26 are affordable housing units, according to JLL.

During the June ribbon-cutting for Camelot at Toms River – which included company officials and family members as well as Mayor Maurice “Mo” Hill Jr. – Kaplan Cos. President Jason Kaplan detailed the family-run business’s ties to the community, where his father, Michael, graduated from Toms River High School, and where other real estate projects include the Seacourt Pavilion Shopping Center. According to Kaplan, the land that Camelot at Toms River occupies was initially designed as the second phase of that mall.

“[B]ut the market demands changed,” he said. “But we loved the property and we knew it could be a real asset to the Toms River community, if we could just find the right use. Well, it may have taken 40 years or so, but we finally nailed it.”

According to Kaplan Cos., the community is ideal for young families or older residents looking to stay in Toms River. Residents are near the Garden State Parkway and Route 9, as well as within 2 miles of County Road 549/Brick Boulevard, a primary north-south community route in the area. The Bayhead NJ Transit rail station is approximately 20 minutes away while retail outlets in the area include Ocean County Mall, Toms River Center and Commons at Hooper.

ICYMI: New legislation would rework affordable housing in NJ

The measure, introduced Dec. 18, 2023, would create a neutral panel of experts to mediate conflicts about how much should be built, and where, to reduce costly and lengthy litigation. Read more here.