Refinancing secured for multi-housing portfolio in Northern New Jersey

MORRISTOWN, N.J., Jan. 7, 2021 – JLL Capital Markets announced today that it has arranged financing for two luxury, mid-rise multi-housing properties totaling 335 units in the northern New Jersey community of Rahway.

JLL worked on behalf of the borrower, Sterling Properties Group, LLC and AST Development, to place two separate 10-year, fixed-rate loans with New York Life Real Estate Investors.

The newly constructed REVA Rahway totals 219 units in a mix of studio, one- and two-bedroom units averaging 937 square feet. Apartments feature wood-style vinyl floors, stainless steel GE appliances, in-unit washers and dryers and quartz counters. The community offers residents a fitness center, resident lounge, co-working business center and outdoor courtyard with grills.

Metro Rahway was built in 2014 and totals 116 units comprising studio, one- and two-bedroom units that average 1,081 square feet. Units feature nine-foot ceilings, stainless steel appliances, vinyl flooring and quartz counters. Residents have access to a fitness center, billiards room and resident lounge.

REVA Rahway is located at 1245 Main St. and Metro Rahway is situated at 1420 Campbell St., offering quick access U.S. Routes 1, 9, 27 and 35. Additionally, residents of both communities can access the Rahway Train Station offering a 36-minute ride for commuters to NYC Penn Station. The properties are within 15 minutes of over three million square feet of retail, dining and entertainment options including Aviation Plaza, Clark Commons, Menlo Park Mall and Woodbridge Center. Residents also benefits from proximity to Rahway’s downtown area offering museums, breweries, local markets, retailers and dining.

The Capital Markets debt advisory team representing the borrower was led by Senior Managing Directors Jon Mikula and Jim Cadranell and Analyst Carlos Silva.

“It was our pleasure to represent both Sterling Properties and AST Development in the refinancing of their two exceptional properties,” said Cadranell. “New York Life provided very attractive long-term financing for our clients.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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