JLL announced Monday it has arranged $32 million worth of refinancing for a grocery-anchored retail center in Lyndhurst.
Veterans Square Town Center, located at 530-560 New York Ave., is comprised of 136,928 and is fully occupied by 13 tenants with ShopRite as its anchor.
JLL’s Jon Mikula, senior managing director, Michael Klein, managing director, and Connor Van Cleef, analyst, represented the developers and worked on behalf of the borrower, The Hampshire Companies, to secure a 10-year, fixed-rate loan through PGIM Real Estate Finance. Proceeds from the loan will be used to refinance an existing loan previously arranged by HFF, which was acquired by JLL in July 2019.
“While retail has been a challenge with the rise of e-commerce, necessity retail, especially grocery-anchored, continues to flourish and be in demand for institutional lenders,” Mikula said. “PGIM Real Estate Finance appreciated the strength of the Shop-Rite operator and the borrower’s deep experience in the retail space.”
“PGIM Real Estate Finance quickly recognized the exceptional demographics, long term tenancy and the incredible draw that ShopRite has on the center,” Klein said. “As a result, they provided the borrower with very attractive loan terms and rate and were fantastic to work with throughout the process.”