Jones Lang LaSalle Incorporated: Secured refinancing of a multi-unit portfolio in northern New Jersey

MORRISTOWN, NJ, January 7, 2021 – JLL Capital Markets announced today that it has arranged financing for two mid-rise luxury buildings totaling 335 units in the community of Rahway, northern New Jersey.

JLL worked for 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 built 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, GE stainless steel appliances, built-in washers and dryers, and quartz countertops. The community offers residents a fitness center, a resident lounge, a co-working business center and an outdoor courtyard with grills.

Metro Rahway was built in 2014 and has a total of 116 units comprising of studios, one and two bedroom units averaging 1,081 square feet. Units feature nine foot ceilings, stainless steel appliances, vinyl flooring, and quartz countertops. Residents have access to a fitness center, billiard room and resident lounge.

REVA Rahway is located at 1245 Main St. and Metro Rahway is located at 1420 Campbell St., providing quick access to US Routes 1, 9, 27 and 35. In addition, residents of both communities can access Rahway Station offering a 36-minute ride. commuter ride 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 benefit from being close to downtown Rahway offering museums, breweries, local markets, retailers and restaurants.

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

“We have had the pleasure of representing both Sterling Properties and AST Development in the refinancing of their two exceptional properties,” said Cadranell. “New York Life has provided very attractive long-term financing to our clients.

JLL Capital Markets is a global full service provider of capital solutions for real estate investors and occupiers. The company’s in-depth knowledge of the local market and global investors provides the best solutions for clients – whether it is investment advice, debt placement, equity placement or recapitalization. The company has more than 3,700 capital markets specialists around the world with offices in nearly 50 countries.

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