Nowadays, the penetration of inverter-based energy resources is continuously increasing in low-voltage distribution grids. Their applications cover traditional renewable energy production and energy storage but also new applications such as charging points for electric vehicles, heat pumps, electrolyzers, etc. The power ratings range from a couple of kW to hundreds of kW. Utilities have, in the last few years, reported more challenges regarding power quality in distribution grids, e.g., high harmonic content, high unbalances, large voltage and frequency excursions, etc. Phase-Lock-Loop (PLL) algorithms are typically used for grid synchronization and decoupled control of power converters connected to the grid. Most of the research within PLLs is mainly focusing on grid voltage angle estimation while the byproducts of the algorithms, e.g., frequency and voltage magnitude, are often overlooked. However, both frequency and voltage magnitude estimations are crucial for grid code compliance. Practical considerations for implementation on microcontroller boards of these algorithms are also missing in most of the cases. The present paper proposes a modified PLL algorithm based on a Synchronous Reference Frame that is suitable for both grid synchronization and frequency monitoring, i.e., the estimation of RMS phase voltages and frequencies in highly distorted distribution grids. It also provides the tuning methodology and practical considerations for implementation on commercial DSP boards. The performance of the proposed approach is assessed through simulation studies and laboratory tests under a wide range of operational conditions, showing that the proposed PLL can estimate the grid frequency, for all considered grid events, with an accuracy of less than ±5 mHz, which is a significant improvement on the current state-of-the-art solutions, having an accuracy of at least ±20 mHz or more.