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New York Life Furnishes Long-Term Loans on Rahway Apartments
JLL Capital Markets arranged an undisclosed amount of financing for two luxury, mid-rise multi-housing properties totaling 335 units in the northern New Jersey community of Rahway. The team of Jon Mikula, Jim Cadranell and Carlos Silva 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.
“New York Life provided very attractive long-term financing for our clients,” said Cadranell.
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.
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.
- ◦Financing
