JLL Capital Markets arranged $25 million in refinancing for a fully leased, 95,688-square-foot, ShopRite-anchored shopping center in Hoboken.
JLL worked on behalf of the borrower, Northwest Redevelopment Supermarkets LLC, to place the 10-year, fixed-rate, non-recourse loan with Securian Asset Management on behalf of Minnesota Life Insurance Co. Loan proceeds will be used to refinance an existing loan balance.
Located at 900 Madison St., the property is home to ShopRite and a connected ShopRite liquor store. This location is operated by Inserra Supermarkets Inc. and is one of the top-performing ShopRite stores in their portfolio of supermarkets.
Situated on 3.67 acres along the Hudson Waterfront across from Manhattan, the asset is only 10 minutes away via the PATH trains and ferries. The center serves a trade area that includes 123,000 residents within a one-mile radius. The property is also a short walk from the 9th Street Light Rail Station and has ample, dedicated parking.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Thomas Didio and Senior Director Thomas E. Didio Jr.