Real Estate Weekly
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Debt & Equity

Citizens Bank powers up for retail buyer with $25M loan

Holliday Fenoglio Fowler, L.P. (HFF) arranged $25.5 million in acquisition financing for Woodbridge Crossing, a 285,2110 s/f power center located in the central New Jersey community of Woodbridge, New Jersey.

The HFF team worked on behalf of the borrower, PAG Investments, to place the five-year, fixed-rate loan with Citizens Bank.

Woodbridge Crossing was completed in 2001 and recently renovated in 2018. Nearly 80 percent leased, the center is home to a variety of national and regional tenants, including Burlington Stores, Big Lots and FedEx Office.

The center is in Middlesex County, the second most populated county in the state, and more than 136,700 residents earning an average annual household income of $93,207 live within a three-mile radius of the center.

The HFF debt placement team representing the borrower included managing director Michael Klein and managing director Rob Hinckley.

PAG is a private real estate investment firm headquartered in New York City.

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