Sterling Properties has closed on a $147 million refinancing deal for the Mill Pond Apartments, a 100-unit garden style community in Franklin Lakes, N.J. Located northwest of New York city, New York Life Real Estate Investors originated a 10-year, fixed rate loan for the property. Community amenities include landscaped grounds, a clubhouse, in-ground, outdoor, heated pool, a fitness center and business center. Mill Pond Apartments is one of the best rental products in Franklin Lakes, a township with high barriers to entry for multifamily development,” said David Li, New York Life Real Estate Investors’ senior director of its Northeast regional office. “The property has performed very well since the loan was originated and funded in 2007.”
