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RAHWAY, NJ-River Place at Rahway LLC, an affiliated single asset entity of Heartstone Development of East Hanover, NJ, receives permanent financing in the amount of $21.25 million. The funding is being used to retire an existing construction loan used to build River Place at Rahway, a 136-unit multifamily rental community here.

The financing was arranged on behalf of River Place at Rahway by senior managing director Jon Mikula and director Jim Cadranell of the Florham Park, NJ office of Holliday Fenoglio Fowler. CIBC World Markets provided the long-term, fixed-rate package.

The asset, situated on a three-acre site subject to a 62-year ground lease with the Rahway Parking Authority, consists of two five-story, L-shaped buildings. Completed in August it's within a larger section of downtown being redeveloped by the city with a mix of retail and residential uses under the auspices of the state's transit village program. The latter is an effort to encourage development of mixed uses, anchored by residential, around the state's transit hubs.