JLL Capital Markets announced that it has arranged a $12 million refinancing for the newly constructed 745 Hamilton apartments in Somerset, New Jersey.
JLL worked on behalf of Country Classics at Hamilton to secure the 12-year, fixed-rate loan through Nationwide Life Insurance Company.
Located less than two miles from downtown New Brunswick, 745 Hamilton consists of 61 one- and two-bedroom luxury apartments along with 4,322 square feet of ground floor retail. Construction was completed in 2020 and touting best-in-class finishes, all units have modern, open-floor concepts with quartz countertops, designer cabinets, stainless steel appliances, offer private balconies, in-unit washers and dryers and more. Community amenities include a state-of-the-art fitness center, yoga studio and high-quality camera and package delivery systems.
Somerset is an extension of New Brunswick, which is considered New Jersey’s premier economic education and healthcare hub, is home to Rutgers University and is located just an hour outside of New York City. The property was developed amid a massive area redevelopment, with Somerset becoming one of New Jersey’s most desirable cities due to its quick access to downtown New Brunswick, boom in luxury rental housing and vibrant nightlife, entertainment and dining scenes.
The JLL Capital Markets team representing the borrower was Senior Managing Director Jim Cadranell, Director Matthew Pizzolato and Vice President Michael Lachs.
“We were happy to help our client secure long-term, fixed-rate financing with one of our correspondent Life Company relationships. Country Classics did a fantastic job developing 745 Hamilton and Nationwide recognized this and offered attractive terms while the property was still in lease-up,” Pizzolato said.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment sales, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.