News release

Refinancing secured for multi-housing portfolio in Northern New Jersey

JLL Capital Markets arranged the loans for two luxury mid-rise properties in Rahway

January 07, 2022

Cierra Lacasse

Hotels & Hospitality and Capital Markets
+ 1602 648 8701

MORRISTOWN, N.J., Jan. 7, 2021 – JLL Capital Markets announced today that it has arranged financing for two luxury, mid-rise multi-housing properties totaling 335 units in the northern New Jersey community of Rahway.

JLL 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.

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. The community offers residents a fitness center, resident lounge, co-working business center and outdoor courtyard with grills.

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. Residents have access to a fitness center, billiards room and resident lounge.

REVA Rahway is located at 1245 Main St. and Metro Rahway is situated at 1420 Campbell St., offering quick access U.S. Routes 1, 9, 27 and 35. Additionally, residents of both communities can access the Rahway Train Station offering a 36-minute ride for commuters 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 benefits from proximity to Rahway’s downtown area offering museums, breweries, local markets, retailers and dining.

The 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.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

About Sterling Properties Group, LLC

Sterling Properties is widely recognized as a multi-faceted development organization with a wide range of upscale real estate including residential, office and commercial communities throughout New Jersey, Pennsylvania, New York and Connecticut. For additional information on the company, please visit http://www.sterlingpropertiesnj.com or call (973) 535 1888.

About AST Development Corporation

Founded in 1985, AST Development Corporation is a real estate development and investment company, which has been successful in the acquisition, development, repositioning and long-term ownership of commercial and residential real estate.  AST’s multi-family portfolio focuses on the New Jersey and metropolitan New York submarket, as well as Georgia, Florida and South Carolina. For more information on AST, please visit www.astdevelopment.com.