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Adaptive Re-Use Apartments Refinanced for $38M
JLL Capital Markets 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, NJ. Senior managing directors Jim Cadranell and Michael Klein and analyst Michael Donohoe represented Kaplan Companies in securing the five-year, fixed-rate loan through Nuveen Real Estate.
Located in Middlesex County, The Lofts at Helmetta features a conversion of the historic Helme Snuff Mill Complex, originally built in 1886 and operated for more than a century before ceasing operations in 1993. The property consists of five buildings, including the Helme Building (106 units), the Mills Building (74 units) and three townhome buildings.
“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.”
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- ◦Financing
