JLL Capital Markets announced that it has arranged the $38.4 million refinancing of The Lofts at Helmetta, a 200-unit, historic adaptive re-use mid-rise apartment and townhome complex in Helmetta, New Jersey.
JLL represented the borrower, Kaplan Companies, in securing the five-year, fixed-rate loan through Nuveen Real Estate.
The Lofts at Helmetta consists of five buildings, including the Helme Building (106 units), the Mills Building (74 units) and three townhome buildings comprising 20 units. The complex offers a mix of one- and two-bedroom units, with luxury finishes including granite countertops, in-unit washers/dryers, hardwood plank flooring, stainless steel appliances, open rafter ceilings and gas range stoves.
Residents enjoy access to numerous amenities including an on-site fitness center, pool area, lounge with coffee bar, children’s play area, bar/arcade room, pet spa, bike storage and storage lockers. The property maintains a strong 96% occupancy rate and benefits from an accretive 22-year PILOT agreement with the town of Helmetta.
Located in Middlesex County, the property offers residents a central location within New Jersey with convenient access to major transportation routes including the New Jersey Turnpike, Rte-9 and the Garden State Pkwy. The Middlesex County multifamily submarket demonstrates strong fundamentals with overall rent growth of nearly 30% since 2019, accompanied by consistently low vacancy rates remaining below 5% over the same period.
JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Managing Directors Jim Cadranell and Michael Klein and Analyst Michael Donohoe.
“The Lofts at Helmetta represented an exceptional opportunity to refinance a distinctive multifamily asset with strong performance metrics in a prime central New Jersey location,” said Cadranell. “The property’s historic character, modern amenities and professional management by Kaplan Companies have created a unique living environment that continues to attract residents looking for quality housing in Middlesex County.”
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 and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
