Northwestern Mutual Supplies $71M Construction Loan on N.J. Apartments
By Andrew Coen June 28, 2024 1:41 pm
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Klein Enterprises has secured $71 million of construction financing to build a multifamily asset in northern New Jersey.
Northwestern Mutual provided the loan on the Baltimore-based developer’s planned 272-unit The Kempson property in Metuchen, N.J. LGA Capital and JLL (JLL) arranged the transaction.
Located at 212 Durham Avenue, around 35 miles southwest of Midtown Manhattan, The Kempson is slated for completion in early 2026. The property’s amenities will include a saltwater pool, a fitness center, a resident lounge, a dog park, a pet spa, barbecue grilling areas and electric vehicle charging stations. It will also have green building elements including rooftop solar panels.
“Closing a financing of this magnitude and building a project of The Kempson’s quality and scale in this current financing environment is a testament to our relationships and our history of successful execution,” Daniel Klein, president of Klein Enterprises, said in a statement. “We believe strongly in the demand for Class A multifamily housing going forward, and we understand how long-standing successful relationships with municipalities, partners and lenders alike are essential to bring our vision to life.”
Northwestern Mutual did not immediately return a request for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
