JLL secures $46.5M loan to refinance retail power center

JLL Capital markets announced Tuesday it has arranged a $46.5 million loan to refinance Greenleaf at Howell, a Class A retail power center in Howell.

The center, located at 5313 Route 9 North on 45.8 acres, is anchored by a BJ’s Wholesale Club and LA Fitness.

JLL worked on behalf of Sun Equity Partners to place the loan with JPMorgan Chase & Co.

Aaron Appel, managing director at JLL; Jonathan Schwartz, vice chairman; Keith Kurland, vice chairmen; Brett Rosenberg, executive vice president; Adam Schwartz, managing director; and Brandon Krupetsky, analyst, handled the debt assignment.

“Sun Equity Partners has extensive experience in developing and repositioning large retail shopping centers,” Appel said. “The firm has ownership interests in multiple properties across the East Coast including the Greenleaf at Union, Greenleaf at Delran, the Grove at Plymouth and Greenleaf at Cheltenham. Sun Equity currently owns and manages a portfolio exceeding 10 million square feet across the United States, further solidifying its experience and ability to boost in-place occupancy and cash flow at Greenleaf at Howell.”

Sun Equity Partners said it acquired the property in 2013 and then redeveloped it into the shopping center it is today.