New financing will help to bring 143 new living spaces, housed within a to-be-built midrise apartment community, across the street from the Bound Brook Train Station in Somerset County.
JLL Capital Markets announced Oct. 6 it arranged $32.45 million in construction financing for The Rail at Bound Brook – that forthcoming midrise, Class A multi-housing development – on behalf of a joint venture between Red Bank-based Denholtz Properties and Redwood Real Estate Group.
The three-year, floating rate loan was placed through Citizens. The JLL Capital Markets team representing the seller was led by Senior Managing Directors Michael Klein and Jon Mikula and Vice President Michael Lachs.
“Bound Brook has experienced a resurgence of new multi-housing development as demand continues to outweigh supply,” Mikula said. “The Rail at Bound Brook will provide best-in-class amenities and luxury.”
The property is located within an Opportunity Zone. On top of that, Bound Brook’s downtown is also a designated Transit Village by the New Jersey Department of Transportation.
All about amenities
Community conveniences will include: a large lobby • resort-style furnished courtyard with lounge areas • 4,030-square-foot club suite • game room • yoga studio • coworking space
“JLL is pleased to have secured construction financing for the sponsorship. This is a transformational project for the market, and we look forward to watching the development progress,” added Klein.
Located at 100 Hamilton St., The Rail at Bound Brook will stand six stories, according to JLL, and include studio, one- and two-bedroom layouts. Units will offer: designer kitchens; walk-in closets; 9-foot ceilings; stainless steel appliances; and in-unit, full-size washers and dryers. Select residences will offer balconies and large terraces.
The property will also include 650 square feet of retail space. In addition to garage parking, JLL said 149 parking spaces are also part of the project.
In addition to Bound Brook’s own restaurants, shops and venues like the Brooks Arts Center, the city is nearby to other bustling areas, like New Brunswick and Somerville – which both sit along the same NJ Transit Raritan Valley Line. Access by auto is easy with nearby Interstates 287 and 78 and Route 22.
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- $31.5M financing arranged for Hackensack Gardens