NJ Lifestyle Center Lands $44M Refi

HFF's debt placement team arranged the 10-year, fixed-rate loan through Principal Commercial Capital. The Grove at Shrewsbury features 35 high-end tenants.

The Grove at Shrewsbury
The Grove at Shrewsbury

Federal Realty Investment Trust secured $43.6 million refinancing for The Grove at Shrewsbury, a fully leased lifestyle center in Shrewsbury, N.J.

The 148,000-square-foot Grove at Shrewsbury features 35 high-end retailers and provides a town center shopping experience with walkways, outdoor seating, gardens and varied storefronts. Located at 597 Broad St., notable tenants include Williams-Sonoma, Bluemercury, Anthropology, Starbucks, Pottery Barn, Lululemon and Madewell.

“While retail financing is challenging, The Grove is a one-of-a-kind shopping destination in New Jersey operated by best-in-class sponsorship,” Jon Mikula, senior managing director at HFF, said in prepared remarks. “We were excited to showcase it to the market.”

HFF’s debt placement team of Mikula and Associate Connor Milanaik arranged the 10-year, fixed-rate loan through Principal Commercial Capital. 

In June, Federal Realty also had HFF secure $125 million to refinance Plaza El Segundo, a 380,558-square-foot retail center in El Segundo, Calif.

Image courtesy of HFF