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JV Lines Up Construction Financing for Bound Brook Apartments
JLL Capital Markets arranged $32.45 million in construction financing for The Rail at Bound Brook, a to-be-constructed, 143-unit, mid-rise, transit-oriented, Class A apartment community within an Opportunity Zone in Bound Brook, NJ.
JLL represented the sponsorship, a joint venture between Denholtz Properties and Redwood Real Estate Group, to secure a three-year, floating-rate loan through Citizens.
The JLL Capital Markets team representing the seller was led by senior managing directors Michael Klein and Jon Mikula and VP Michael Lachs.
“Bound Brook has experienced a resurgence of new multi-housing development as demand continues to outweigh supply,” said Mikula. “The Rail at Bound Brook will provide best-in-class amenities and luxury.”
Located at 100 Hamilton St. within Somerset County, the site is in downtown Bound Brook across the street from the Bound Brook Train Station, adjacent to the Brooks Art Center and proximate to numerous shops and restaurants
- ◦Development
- ◦Financing
