GMAC Commercial Mortgage is providing the fixed-rate, long-term financing for a luxury development in Sayreville.GMAC Commercial Mortgage Corp. (GMACCM) is providing a $23.6 million long-term fixed-rate financing package to an affiliate of the Kaplan Cos. for the Camelot at LaMer luxury apartment complex in Sayreville.
The 200-unit property, situated on a 10-acre site, consists of 14 three-story buildings and a clubhouse. The property represents the fourth phase of a planned 1,524-unit residential community dubbed LaMer.
GMACCM previously provided short-term construction financing to the Kaplan affiliate for the LaMer property. Kaplan Cos. is based in Highland Park, while GMACCM operates out of Horsham, Penn.