Kaplan Cos. Secures $38M for Central Jersey Property
The community was converted from a historic tobacco manufacturing facility.
Kaplan Companies has obtained a $38.4 million refinancing loan for The Lofts at Helmetta, a 200-unit adaptive reuse mid-rise apartment and townhome community located in Helmetta, N.J. According to Real Estate NJ, Nuveen provided the five-year, fixed-rate loan, and JLL arranged the transaction.
The Lofts is a conversion of the historic Helme Snuff Mill complex, a tobacco and snuff manufacturing plant that was constructed in 1886. The complex operated for more than 100 years before company operations ceased in 1993. MyCentralJersey reports that Kaplan purchased the property in 2006, with development concluding nine years later.
The five-building property is located at 2100 Camelot Court. The multifamily apartments include the 106-unit Helme Building, the Mills Building, with 74 units as well as three townhome buildings with 20 units. The community’s one- and two-bedroom apartments feature granite countertops, in-unit washers and dryers, hardwood plank flooring, stainless steel appliances, open-rafter ceilings and gas range stoves.
Amenities at The Lofts include a fitness center, a lounge with coffee bar, children’s play area, arcade room, bike storage and storage lockers. Occupancy stands at 96 percent.
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The JLL Capital Markets Debt Advisory team representing the borrower was led by senior managing directors Jim Cadranell and Michael Klein as well as analyst Michael Donohoe. Four months ago, JLL and HJ Sims secured approximately $240 million in acquisition financing on behalf of Integrated Senior Foundation for the company’s purchase and development of three properties in Arizona and California.
Central location
The Lofts at Helmetta’s location in Middlesex County location of gives residents access to transportation conveniences including the New Jersey Turnpike, Route 9 and the Garden State Parkway.
Data from Point2Homes shows that Middlesex County posted a rent growth of 3 percent over the last year and a vacancy rate of 6.5 percent over the same period.
