**Adaptive Re-Use Apartments in New Jersey Refinanced for $38.4M**
JLL Capital Markets has arranged a $38.4 million refinancing for The Lofts at Helmetta, a 200-unit adaptive re-use apartment and townhome community located in Helmetta, New Jersey. The financing was secured on behalf of Kaplan Companies, with JLL senior managing directors Jim Cadranell and Michael Klein, along with analyst Michael Donohoe, leading the effort. The five-year, fixed-rate loan was provided by Nuveen Real Estate.
Situated in Middlesex County, The Lofts at Helmetta occupies the historic Helme Snuff Mill Complex. Originally constructed in 1886, the facility operated as a manufacturing site for over 100 years before its closure in 1993. The development includes five buildings: the Helme Building (106 units), the Mills Building (74 units), and three townhome structures.
“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.”
