NJ Power Center Lands $47M Refi
- May 28, 2019
Sun Equity Partners has received a $46.5 million for the refinancing of Greenleaf at Howell, a premier retail power center in Howell, N.J. JPMorgan Chase provided the loan.
The property is located at 5313 Route 9 North, on one of New Jersey’s major shopping arteries. According to Sun Equity Partners, the asset serves five townships and sees an average daily traffic count of 40,000 vehicles. Nearby retailers include Lowes, Walmart, Target, Stop-n-Shop, Verizon, Kohls and TJ Max.
The landlord acquired the 45.8-acre site in 2013 and redeveloped it into a 343,354-square-foot property in 2015. Greenleaf at Howell’s anchor tenants are BJ’s Wholesale Club and LA Fitness. Other businesses include Texas Roadhouse, Xscape Theaters, Complex Kitchen + Market and ClimbZone.
A JLL team of Vice Chairmen Aaron Appel, Jonathan Schwartz and Keith Kurland, Executive Vice President Brett Rosenberg, Managing Director Adam Schwartz and Analyst Brandon Krupetsky arranged the financing. Earlier this month, another JLL team arranged a loan for a self storage facility in Belleville, N.J.