Northwestern Mutual Supplies $71M Construction Loan on N.J. Apartments 

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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. 

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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