JLL Capital Markets arranged $17.5 million in financing for the development of The Rail @ Red Bank, a 57-unit, Class A apartment project in Red Bank, New Jersey.
JLL worked on behalf of the borrower, Denholtz Properties, to secure the 30-month, floating-rate construction loan followed by a 10-year forward permanent loan through Provident Bank.
The Rail @ Red Bank will consist of 57 luxury units along with over 6,500 s/f of retail space and a two-level, on-site parking garage with 147 spaces.
The property will provide residents with modern amenities such as two grand amenity decks, a rooftop deck, fitness center with a yoga studio, bike storage room, dog wash station and game room.
The property is positioned in a transit-oriented location at 116-118 Chestnut Street, which is adjacent to the Red Bank Train Station, with access to major roadways. Completion is expected later this year.
The JLL Capital Markets team representing the borrower was led by Jon Mikula and Michael Klein with associate Andrew Zilenziger.
Klein commented, “Situated next door to Denholtz’s new corporate office and the NJ Transit train platform, this project is going to help transform the immediate neighborhood and anchor the area for years to come.”
The deal was secured by Holliday Fenoglio Fowler prior to being acquired by JLL.