New Jersey multi-housing community secures $11M financing

MORRISTOWN, Dec. 7, 2022 – JLL Capital Markets announced today that it has arranged $11 million in permanent financing for Rahway Plaza Apartments, a two-building, 288-unit high-rise apartment community located in downtown Rahway, New Jersey.

JLL represented the borrower, Denholtz Properties, to secure the five-year, fixed-rate loan through Malvern Bank, National Association.

The two-building Rahway Plaza Apartments offers one-, two- and three-bedroom residences with large terraces, all-inclusive appliances, independently controlled gas heat and air conditioning and high-speed internet access. Community amenities include a champion-size swimming pool and children’s wading pool, a BBQ area with grills and picnic tables and a newly renovated playground and recreation area.

Situated at 1171-1181 Main St. in the heart of downtown Rahway, the property is within walking distance to the city’s entertainment venue, retail shops and restaurants and The Rahway Train Station, which offers a 36-minute commute to New York Penn Station. Within a 15-minute drive are several retail centers, such as Aviation Plaza, Clark Commons, Menlo Park Mall and Woodbridge Center.

The JLL Capital Markets team representing the seller was led by Senior Managing Directors Michael Klein and Jon Mikula, and Analyst Salvatore Buzzerio. Malvern Bank was led by Bill Boylan, Executive Vice President and Chief Lending Officer, along with several members of the 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,” said Klein. “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 Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Denholtz Properties is a commercial real estate investment and development company with a diversified portfolio of assets in strategic markets across the eastern United States. Based in Red Bank, N.J. with a regional headquarters in Orlando, Fla., Denholtz Properties specializes in the acquisition and development of ground-up multifamily, industrial/flex and office properties. Driven by an entrepreneurial spirit and a commitment to excellence, Denholtz Properties highly experienced executive team is committed to providing outsized investment returns through opportunistic and strategic real estate investment. Additional information for Denholtz Properties is available online at www.denholtz.com.

Malvern Bank, National Association, the wholly owned subsidiary of Malvern Bancorp, Inc. (NASDAQ:MLVF), was originally organized in 1887 as a federally chartered savings bank. The Bank now serves as one of the oldest banks headquartered on the Philadelphia Main Line. For more than a century, Malvern Bank has been committed to helping people build prosperous communities as a trusted financial partner, forging lasting relationships through teamwork, respect, and integrity. Malvern Bank has headquarters in Paoli, Pa., a suburb of Philadelphia, and conducts business through its other banking locations in Chester and Delaware counties, Pennsylvania; Morristown, N.J., its New Jersey regional headquarters; and in Palm Beach, Fla. For further information regarding Malvern Bank, National Association, please visit the Bank’s website at http://www.mymalvernbank.com