Denholtz Properties has secured an $11 million fixed-rate loan to finance its Rahway Plaza Apartment project in New Jersey. However, it was JLL‘s team that represented the developer in the transaction and helped secure the loan through Malvern Bank.
Senior Managing Directors, Michael Klein and Jon Mikula, and Analyst Salvatore Buzzerio of JJL were responsible for leading the team. According to Michael Klein, Malvern Bank was drawn to the Rahway Plaza Apartment project due to Denholtz’s history with the property. Especially since they had handled the property’s management and development ever since the 1970s.
Klein pointed out that the affordable units in the property added a certain level of complexity to the project. However, he said the bank was able to easily circumvent it and the transaction went smoothly.
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Denholtz Properties will build the two-building, 288-unit Rahway Plaza Apartment at 1171-1181 Main St. in the heart of downtown Rahway. Therefore, the property will be within walking distance of the city’s entertainment venue, retail shops, restaurants, and several city centers.
Additionally, it offers access to the Rahway Train Station, which is a 30-minute commute to New York Penn Station. Other areas accessible to Rahway include retail centers such as Aviation Plaza, Clark Commons, Menlo Park Mall, and Woodbridge center.
Development plans for the Rahway Plaza Apartments
The two-building Rahway Plaza Apartment complex will feature one-, two-, and three-bedroom units with very spacious patios, and panoramic views. All-inclusive appliances will be available on the property such as independently controlled gas heating and air-conditioning, and high-speed Internet access.
Other additional amenities include a 24-hour TV intercom security system, on-site parking space, and laundry facilities. Rahway Plaza Apartment residents will have access to several shared amenities such as the BBQ area with grills and picnic tables.
Other featured outdoor amenities include a newly renovated playground, recreation area, champion-sized swimming pool, and children’s paddling pool. All units will feature a private terrace with a view of manicured grounds adjoining the Rahway River.
