NJ Shopping Center Receives $17M Financing
- Nov 09, 2017
ALTO Real Estate Funds and Unison Realty Partners have received $17.4 million in acquisition financing for their recent purchase of Commons at Hooper, a shopping center in Toms River, N.J. OceanFirst Bank funded the five-year, fixed-rate loan and provided a $3.4 million construction line for capital and tenant improvements, as well as leasing commissions. Levin Management Corp. is handling the property management and leasing services for the property.
Built in 1987, the asset is on 14.6 acres at 1350 Hooper Ave. The retail center is 86 percent leased to 21 different tenants, including Michaels, DSW, Dollar Tree, Mattress Firm, Dress Barn, the UPS Store, Avenue, Sally Beauty, Jersey Mike’s Subs and Citi Financial.
The owners plan to upgrade the 120,349-square-foot property in the hopes of attracting more tenants and leasing the remaining space. They will also extend tenants with pending maturities early. The improvements will include a new roof, resurfaced parking lot, new pylon signage and façade renovations. The landlords are also provided with an option to build an adjacent 2,500-square-foot pad site.
HFF Managing Directors Michael Klein and Greg Labine brokered the loan transaction on behalf of the borrower.
“The bank provided a creative structure that would allow the partnership to execute its business plan and was able to close within a tight closing time frame,” Klein said in a prepared statement.
Image courtesy of Levin Management Corp.