New York Life Secures NJ Retail Refi

EDENS' 208,337-square-foot Closter Plaza in Closter, N.J., is home to big names such as Whole Foods and Target, and is the only shopping center within a 5-mile radius.

Closter Plaza, Closter, N.J.
Closter Plaza, Closter, N.J.

New York Life Real Estate Investors secured a five-year, fixed-rate loan to refinance Closter Plaza, a 208,337-square-foot shopping center in Closter, N.J. The property is owned by Edens Investment Trust.

Located at 19 VerValen St., the retail center was built in 1960 and went through a complete redevelopment  in 2016, which includes an improved design, renewed gathering places and a curated merchandising mix. The Whole Foods and Target-anchored shopping center is leased to a diverse roster of tenants, including HomeGoods, Cinemex, Rudy’s Ristorante and Pizza, Chipotle, Bareburger, Starbucks, Ruby & Jenna, Indigo Chic and CycleBar, to name a few.

Closter Plaza is the only shopping destination within a 5-mile radius. Neighborhood amenities include the Closter Golf Center, schools and parks. It is easily accessible via the Palisades Interstate Parkway and is less than 20 miles from Manhattan.

Closter Plaza is located within a highly desirable retail location with extremely high barriers to entry and boasts a top-tier tenancy that will generate stable cash flow during the loan term,” said David Li, senior director in New York Life Real Estate Investors’ Northeast regional office, in a prepared statement.

Farther south, another New Jersey retail center secured a $43.6 million refinancing, arranged by HFF.

Image courtesy of Edens Investment Trust