Mill Pond Apartments at 1100 Sterling Drive in Franklin Lakes — Courtesy: New York Life Real Estate
By Joshua Burd
New York Life Real Estate has originated a nearly $147 million loan for an owner to refinance a 100-unit garden apartment complex in Bergen County, the company announced.
In a news release, the New York Life Insurance subsidiary said the fixed-rate, 10-year loan was secured by Mill Pond Apartments at 1100 Sterling Drive in Franklin Lakes. The company provided the $146.6 million in financing to owner Sterling Properties.
“Mill Pond Apartments is one of the best rental products in Franklin Lakes, a township with high barriers to entry for multifamily development,” said David Li, senior director at New York Life Real Estate Investors’ Northeast regional office. “The property has performed very well since the loan was originated and funded in 2007.”
“We are pleased to have the opportunity to refinance this asset and further expand our longstanding relationship with Sterling Properties.”