Denholtz Properties Secures $17.5M for The Rail at Red Bank Project
Provident Bank provided the Red-Bank-based development firm with the financing that features a 30-month, floating-rate construction loan followed by a 10-year forward permanent loan.
RED BANK, NJ—Denholtz Properties has secured $17.5 million in construction financing for its luxury residential project—The Rail @ Red Bank—here.
Provident Bank provided the Red-Bank, NJ-based development firm with the financing that features a 30-month, floating-rate construction loan followed by a 10-year forward permanent loan. The transactions were arranged by JLL Capital Markets, which worked on behalf of Denholtz Properties to secure the financing for the Class A apartment project.
The JLL Capital Markets team was led by senior managing directors Jon Mikula and Michael Klein and associate Andrew Zilenziger.
The Rail @ Red Bank will consist of 57 luxury units along with more than 6,500 square feet of retail space and a two-level, on-site parking garage with 147 spaces. The property’s amenities will include: two grand amenity decks, a rooftop deck, fitness center with a yoga studio and fitness on demand, resident clubroom, bike storage room, dog wash station and game room. Unit features will include stainless steel appliances, engineered wood flooring in the living areas, tiled bathrooms, quartz/granite countertops, nine-foot ceilings, in-unit washers and dryers and heating/cooling systems.
Completion is expected later this year.
The transit-oriented development at 116-118 Chestnut St., which is adjacent to the Red Bank Train Station. In addition to train service, the property is proximate to Academy Bus service and the Seastreak Ferry from Atlantic Highlands. The property also offers access to major roadways, including State Route 35, the Garden State Parkway and County Route 520.