Rahway Plaza Apartments at 1171-1181 Main St. in Rahway — Courtesy: JLL
By Joshua Burd
Denholtz Properties has closed on $11 million in permanent financing for a two-building, 288-unit apartment property in downtown Rahway.
According to JLL, which sourced the debt, Malvern Bank, National Association, provided the five-year, fixed-rate loan in connection with the high-rise complex at 1171-1181 Main St. Known as Rahway Plaza Apartments, the collection of one-, two- and three-bedroom homes is within walking distance of the Rahway train station and the city’s entertainment, retail and restaurants offerings, while providing residents with quick access to area highways.
JLL senior managing directors Michael Klein and Jon Mikula and Analyst Salvatore Buzzerio arranged the financing on Denholtz’s behalf. Bill Boylan, executive vice president and chief lending officer with Malvern Bank, worked alongside several members of the company’s executive team to coordinate the approval and closing.
“Malvern Bank, National Association was attracted to Denholtz’s history with the property having developed it in 1970 and owning and managing it ever since,” Klein said. “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.”
JLL noted that Rahway Plaza Apartments has large terraces, all-inclusive appliances, independently controlled gas heat and air conditioning and high-speed internet access. Amenities include a champion-size swimming pool and a children’s wading pool, along with grilling and picnic areas and a newly renovated playground and recreation area.