C&W works out $6.5M financing for Galloway retail center

By Lynda Cohen
Galloway Township | Dec 6, 2017 at 7:00 am

Cushman & Wakefield Inc. helped secure $6.5 million for Smithville Square in Galloway Township.

The recently renovated, 107,000-square-foot retail center less than a mile from the historic Smithville downtown is currently home to 19 tenants, including Dunkin Donuts, Petvalu, JD’s Pub and Grill, Village Dry Cleaners and Lucky Nails.

Cushman & Wakefield was the exclusive adviser to P3RE Properties to secure the five-year, fixed-rate financing provided by Atlantic Stewardship Bank.

The center has 542 parking spaces and 1,061 feet of frontage on South New York Avenue.

“P3RE Properties did a fantastic job of completely renovating and reintroducing the shopping center into the Galloway market,” said Cushman Executive Director John Alascio. “The property has successfully been leased up with a mix of regional and national credits, and lenders recognized this and, ultimately, Atlantic Stewardship Bank delivered competitive terms that aligned with sponsor’s refinancing goals.”

A Cushman & Wakefield Equity, Debt and Structured Finance team of John Alascio and Sridhar Vankayala represented P3RE in the transaction.

Lynda Cohen | lcohen@roi-nj.com | LyndaCohen