REVA Rahway at 1245 Main St. and Metro Rahway at 1420 Campbell St., both in Rahway — Courtesy: JLL
By Joshua Burd
A partnership has refinanced a two-building, 335-unit luxury apartment portfolio in Rahway, in a deal arranged by JLL’s New Jersey capital markets team.
Brokers with the firm represented the borrower, a joint venture of Sterling Properties Group LLC and AST Development, to place two separate 10-year, fixed-rate loans with New York Life Real Estate Investors. The transactions are tied to REVA Rahway, a newly built, 219-unit property at 1245 Main St., and Metro Rahway, a 116-unit complex at 1420 Campbell St.
JLL senior managing directors Jon Mikula and Jim Cadranell and Analyst Carlos Silva completed the assignment. The team did not disclose the loan amounts.
“It was our pleasure to represent both Sterling Properties and AST Development in the refinancing of their two exceptional properties,” Cadranell said. “New York Life provided very attractive long-term financing for our clients.”
In announcing the deal, JLL noted that REVA Rahway includes a mix of high-end studio, one-bedroom and two-bedroom units averaging 937 square feet. It’s also home to amenities such as a fitness center, a resident lounge, a co-working business center and an outdoor courtyard with grills.
Metro Rahway, built in 2014, also has studio, one-bedroom and two-bedroom units, with amenities including a fitness center, a billiards room and a resident lounge.
Both buildings provide quick access to routes 1, 9, 27 and 35 and the Rahway train station, offering a 36-minute ride for commuters to New York Penn Station, JLL said. Also nearby are some of Central Jersey’s most prominent retail destinations.
