SAYREVILLE, NJ-An affiliate of the Kaplan Cos. has obtained permanent, fixed-rate financing amounting to $23.6 million for its Camelot at LaMer multifamily community here. The funding was arranged through Freddie Mac for the Highland Park, NJ-based Kaplan by Irwin Boris, vice president of GMAC Commercial Mortgage Corp. in the firm's New York loan origination office.
"We were able to secure a forward commitment for this repeat borrower," Boris says. "We also provided them with construction financing over the past 24 months while LaMer was built."
Camelot at LaMer consists of 200 units, mixing townhouses and garden-style apartments, on 10 acres. The project consists of a total of 14 three-story buildings and a townhouse. The property is also the fourth phase of a planned community called LaMer, which contains a total of 1,524 units. The first three phases consists of a mix of for-sale townhomes, garden-style condos and single-family homes.
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