JLL secures $10M loan for Rockaway Commons

JLL announced Monday it has arranged a $10 million loan to refinance the Rockaway Commons shopping center in Rockaway.

JLL worked on behalf of Anthony Mehran to get the loan through Rialto Capital Management LLC.

The 89,000-square-foot property, located at 204-212 Route 46, is a multitenant shopping center comprised of four buildings on 9.96 acres. It has 448 parking spaces and is within close access to Interstate 80.

JLL’s Capital Markets team of Max Herzog, managing director; Marko Kazanjian, vice president; and Matt Fagella, analyst; handled the assignment.

“Anthony Mehran has extensive experience in real estate, having developed and acquired a diversified portfolio including retail shopping centers,  free-standing retail and multifamily properties,” Herzog said. “Under his ownership, Rockaway Commons has developed an excellent track record, and is fully leased to brand-name tenants. Due to the property’s easy access to major highways and the area’s surround population, this was an exciting refinancing opportunity.”