JLL Capital Markets Arranges Refinance of 2 Mid-Rise Luxury Properties in Rahway

JLL Capital Markets financing arranged for two mid-rise luxury multi-unit properties totaling 335 units in Rahway, according to a recent announcement.

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

The newly built REVA Rahway has 219 units in a mix of bachelor, one-, and two-bedroom units averaging 937 square feet. Apartments feature wood-style vinyl floors, stainless steel GE appliances, built-in washers and dryers, and quartz countertops. The community offers residents a fitness center, resident lounge, coworking business center, and outdoor courtyard with grills.

Metro Rahway was built in 2014 and has 116 units including bachelor, one-, and two-bedroom units averaging 1,081 square feet. Units feature 9 foot ceilings, stainless steel appliances, vinyl flooring and quartz counter tops. Residents have access to a fitness center, billiards room and residents’ lounge.

REVA Rahway is located at 1245 Main St. and Metro Rahway is located at 1420 Campbell St., providing quick access to Routes 1, 9, 27, and 35. Additionally, residents of both communities can access Rahway Station, providing a 36 minute journey. ride for commuters at New York Penn Station. Properties are within 15 minutes of over 3 million square feet of retail, dining and entertainment options including Aviation Plaza, Clark Commons, Menlo Park Mall and Woodbridge Center.

The capital markets debt advisory team representing the borrower was led by senior managing directors Jon Mikula and Jim Cadranell and analyst Carlos Silva.

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