NJ Retail Power Center Lands $100M Refi
- May 12, 2017
HFF announced that it has secured a $100 million refinancing loan for Tonnelle Commons, a retail power center located at 2100 88th St., in the New York metropolitan area suburb of North Bergen, N.J. The 10-year, non-recourse, fixed-rate loan has a 4.18 percent interest rate and is set to mature in April 2027, according to SEC reports. The loan facilitates the repayment of a previous $74 million loan. HFF Managing Director Scott Aiese and Senior Managing Director Mike Tepedino acted on behalf of the borrower, real estate investment trust Urban Edge Properties.
Tonnelle Commons faces Tonnelle Avenue, which provides easy access to Routes 1 and 9. The center is less than 10 miles away from Manhattan and four miles away from the entrance of New Jersey Turnpike. Mass transportation is facilitated by the neighboring CSX railroad.
Built in 2009, the 410,015-square-foot, Class A retail complex sits on 38 acres. It provides 1,921 parking spaces and is fully occupied by 16 tenants, including Walmart, BJ’s Wholesale Club, PetSmart and Staples.
“HFF used its long-standing lender relationships and proprietary software to identify the optimal long-term fixed-rate lender for Urban Edge,” Aiese said in a prepared statement. “Furthermore, not all retail is created equally; Tonnelle Commons is a 100-percent-occupied, highly performing center due to its infill location and laser-focused management team.”
In another recent New Jersey deal, HFF brokered a $162 million financing for a 2.7 million-square-foot office and industrial portfolio..
Image courtesy of Urban Edge Properties