G.S. Wilcox & Co. on Wednesday said it completed the $7 million refinancing of a
38,347-square-foot shopping center in Union.
Arranged by Wesley Wilcox, partner, and David Fryer, principal, the financing was provided by one of the firm’s correspondent life company lenders for a repeat client.
Loan terms included a 5-year fixed rate and 30-year amortization with flexible prepayment.
The shopping center is located on 2.42 acres with 960 feet of frontage in one of the state’s primary retail shopping hubs. It enjoys close access to both the Garden State Parkway
and Route 22. Additionally, the area along and surrounding location is home to a wide range of national/international retailers to the likes of Walmart, Costco, ShopRite and Home Depot.
“G.S. Wilcox & Co. is proud to have worked with our client and correspondent lender to deliver a successful deal execution. This transaction demonstrates that retail with experienced ownership and prime location is still an asset class that is in lender demand,” Wilcox said in a statement.