Jersey Asset Commands $147M Refi
New York Life originated a 10-year loan on behalf of Sterling Properties. The asset is located in a northern New Jersey market with high barriers to entry.
By Keith Loria
Sterling Properties has received $146.6 million to refinance Mill Pond Apartments, a 100-unit Class A garden style community in Franklin Lakes, N.J.
New York Life Real Estate Investors originated a 10-year, fixed rate loan for the property, which is located northwest of New York City in Bergen County.
“Mill Pond Apartments is one of the best rental products in Franklin Lakes, a township with high barriers to entry for multifamily development,” David Li, New York Life Real Estate Investors’ senior director of its Northeast regional office, said. “The property has performed very well since the loan was originated and funded in 2007.”
Located at 1100 Sterling Dr., the complex offers both one- and two-bedrooms with eight different floorplans. Many of the apartments have vaulted ceilings and top-shelf kitchens and bathrooms. Lofts and garages are also available in most units.
Community amenities include landscaped grounds, a clubhouse, in-ground, outdoor, heated pool, a fitness center and business center.
The property offers convenient access to Routes 287, 208, and the Garden State Parkway, and is walking distance of the library. It is also close by Darlington Golf Course and Center, Campgaw Mountain Ski Area and tennis courts, basketball courts, playgrounds and manicured walking trails.
The Paramus Park Mall is a 20-minute drive and Chef’s Table, a popular French-style cafe, is less than five minutes away.
With more than $51.3 billion in assets under management as of the end of June, New York Life Real Estate Investors is seeking to acquire additional properties throughout the U.S.
“We are pleased to have the opportunity to refinance this asset and further expand our long-standing relationship with Sterling Properties,” Li said.
