JLL arranged a $32 million refinancing for Veterans Square Town Center, a fully leased, 136,928 s/f, grocery-anchored retail center in the Northern New Jersey community of Lyndhurst.
JLL worked on behalf of the borrower, The Hampshire Companies, to secure the 10-year, fixed-rate, non-recourse loan through PGIM Real Estate Finance.
Loan proceeds will be used to refinance an existing loan previously arranged by predecessor HFF, which was acquired by JLL on July 1, 2019.
Originally constructed in 2000, Veterans Square Town Center was expanded from its original 113,178 s/f size in 2013.
The property is fully occupied by 13 tenants, including the ShopRite anchor along with HomeGoods, PetSmart and World Martial Arts Academy.
Located at 530-560 New York Avenue in the center of Lyndhurst, the property is in the Meadowlands Retail submarket within the greater Northern New Jersey market. It is also in Bergen County, the most populous county in New Jersey.
The shopping center’s surrounding area has strong demographics, with approximately 183,000 residents across roughly 70,000 households living within a three-mile radius.
The JLL Capital Markets team representing the developers was led by Senior Managing Director Jon Mikula, Managing Director Michael Klein and Analyst Connor Van Cleef.
“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 added. “As a result, they provided the borrower with very attractive loan terms and rate and were fantastic to work with throughout the process.”