Two mid-rise multi-housing properties – totaling 335 units – secured refinancing.
JLL Capital Markets announced the separate, 10-year, fixed-rate loans with New York Life Real Estate Investors that it arranged on behalf of the borrower – Sterling Properties Group LLC and AST Development – for REVA Rahway and Metro Rahway.
The financing amount was not disclosed.
Both are located in their namesake city and REVA Rahway is newly built. Standing at 1245 Main St., it offers 219 units across studio, one- and two-bedroom layouts with an average of 937 square feet.
Metro Rahway, at 1420 Campbell St., was built in 2014. It has 116 units – also offering studio, one- and two-bedrooms – with an average of 1,081 square feet.
REVA offers wood-style vinyl floors, stainless steel GE appliances, in-unit washers and dryers and quartz counters. There is a fitness center, resident lounge, coworking space and outdoor courtyard with grills.
At Metro, units have 9-foot ceilings, in addition to stainless steel appliances, vinyl flooring and quartz counters. Residents can also use a lounge, billiards room and fitness center.
According to JLL, both properties are within 15 minutes of more than 3 million square feet of retail, dining and entertainment.
The JLL 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.”
In December, JLL’s Capital Markets team secured $65 million in construction financing for a project that will bring 337 units to Jersey City’s West Side neighborhood.