Red Bank-based Denholtz Properties secured $11 million in permanent financing for a two-building multifamily property in the heart of downtown Rahway.
JLL Capital Markets announced Dec. 7 it arranged the five-year, fixed-rate loan through Malvern Bank NA on behalf of the borrower.
Located at 1171-1181 Main St. in the Union County municipality, the 288-unit high-rise apartment community offers one-, two- and three-bedroom layouts with terraces, all-inclusive appliances, individually controlled heating, air conditioning, and high-speed internet access.
The JLL Capital Markets team representing the seller was led by Senior Managing Directors Michael Klein and Jon Mikula and Analyst Salvatore Buzzerio. Malvern Bank was led by Executive Vice President and Chief Lending Officer Bill Boylan, along with several members of the executive team to coordinate the approval and closing, according to JLL.
“Malvern Bank, NA was attracted to Denholtz’s history with the property having developed it in 1970 and owning and managing it ever since,” Klein said in a statement. “The affordable units at the property added some complexity to the transaction that the bank easily got their arms around and was a pleasure to work with on this transaction.”
Attractive to families, amenities at Rahway Plaza includes two pools, one for swimming and a children’s wading feature; a barbecue area with seating; and a recently renovated playground and recreation area. In addition, the property is walking distance from the Union County Performing Arts Center in the city, retail options, restaurants and the train station — which offers service to Manhattan in under 40 minutes.