Two downtown developments of more than 300 units recently secured refinancing.

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Morristown-based JLL Capital Markets last week announced “separate 10-year, fixed-rate loans with New York Life Real Estate Investors” that it arranged on behalf of Sterling Properties Group LLC and AST Development for REVA Rahway and Metro Rahway. The financing amount was not disclosed.

REVA Rahway is a 219-unit complex is a mix of studio and one- and two-bedroom units that average about 937 square feet. The five-story building at the site of the former Center Circle sports facility on Main Street was approved by the Planning Board in January 2017 and completed about two years ago through a partnership between Sterling Properties and AST Development. The project has a 30-year Payment In Lieu Of Taxes (PILOT) that was approved in 2018.

Metro Rahway on Campbell Street between Elm Avenue and West Cherry Street, was completed in 2014 on the site of the former A&M Industrial Supply Co. property.  The 116 rental units are a mix of studios, one- and two-bedrooms, with an average of 1,081 square feet. Two years ago, City Council approved extending a 15-year PILOT to 30 years for Metro Rahway.

Both properties are within 15 minutes of more than 3 million square feet of retail, dining and entertainment, according to JLL.

“New York Life provided very attractive long-term financing for our clients,” JLL Senior Managing Director Jim Cadranell said via the announcement. The JLL Capital Markets debt advisory team representing the borrower was led by Cadranell, Senior Managing Director Jon Mikula and Analyst Carlos Silva.

JLL is a professional services firm that specializes in real estate and investment management, trading on New York Stock Exchange (NYSE) under the symbol JLL.

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